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Loan for properties

Others 108 views 1 replies

shobhit

Artical Executive

115 Points Joined April 2014

Dear sir

I am a non taxpayer and want to purchase new home, for this i want to take a loan from individual loan amount is 1500000 so if i take this amount from tha non financial institutions or an individual than is there any problems will arise or not if yes please suggest me what should i do

Replies (1)

PRINCE KHATTAR

CA-IPCC-STUDENT

67 Points Joined February 2012

you can purchase that property from that loan amount no problem
but ensure that the individual providing you that loan amount should be a regular tax payer and he should have a capital more than the loan amount i.e, he should have capital more than Rs 15000000
So that when in future, AO ask you about that loan then the fact can be prove that the individual providing you the loan amount has capacity ( here capacity mean CAPITAL in books of accounts of that individual) to provide you loan.
Further in case of NBFC there will be no issue