I want to take loan form my wife for buying a plot which will be on my name and my wife name. Reason is in future i can pay her back as she is in lower interest bracket.
1. Do i need to have loan agreement on stamp paper.
2. Can i pay her interest ?
3. How can i show the same while filing income tax for both of us.
Does she have her own source of income? If so,
1. Not necessary
2. Yes (but not an exorbitant amount - that will arouse the taxman's suspicions)
3. Consult your tax consultant.
Thanks for the info. This was helpful.
R P S K & Associates
Nashik
CA Inter
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Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
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