Hi!
I am buying a house in mumbai, the total cost of which is Rs 43 lacs (47 lacs including stamp duty etc.). I have taken a loan of 30 lacs. I am spending 3 lacs from my savings and rest of the amount i.e. 14 lacs will be paid by my father. My father is going to retire in a month and he is paying the aforementioned amount from his savings and selling some of the land which we have.
I want to understand the tax implication on me or my father. Can he transfer the amount from his account to mine at once. Will there be any tax implications?
Thanking in anticipation
Regards,
Deepanshu
CAclubindia
