Hi,
I'm planning to buy a property from my father-in-law by applying a housing loan. What are the income tax implications for this. will it come under Clubbing of income in case I happen to let out the property? The considertaiton to be paid is as per the market rates.
Hello Deepthi,
Yes in this case, clubbing provisions will apply. As you purchased the property from your father in law, so there is indirect benefit to you and your father in law (rent income on let out). That's why any consideration received on such let out will be clubbed in the hands of your father in law.
Thanking You
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
Hema Yashwanth & Associates
Chennai
B.Com
View Details
Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
View Details
CCI
Pro
CAclubindia
