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Want to buy a flat in New Delhi

Others 405 views 7 replies

Question:- mujhe property purchase karni hai. 18 Lakh flat ka rate hai. Agar mere chacha and bhua mere ko 9-9 Lakh ka cheque de dein to kya mujhe income tax ka notice to nahin aa jayega. Main ITR-1 every year "NIL" ki file karta hun. mere income below taxable limit mein hai. Agar mein is saal flat purchase karta hun to mujhe ITR-1 mein kaise aur kahan yeh sab fill karna padega. Please guide me.

 

Replies (7)
Chacha does not fall under the ambit of relative as per income tax act. you will have to pay tax by showing this money as gift income under other sources head in ITR1
Remember one thing if you claim exemption , deduction that will be verified. But this is a start complete the transaction.
Arre don't confuse him with unwanted information and be specific about what you are trying to say instead of vague explanations

Mere chacha or bhua blood relative mein aate  hai. Agar vo mere ko apne saving account se paise dete hain aur gift deed execute kar dete hai  to tax kaise lagega?

Q1:- Agar mere blood relative (Chacha and bhua property buy karne ke liye mere ko 9-9 lakh ka cheque dete hai to ise ITR-1 mein agle year (FY 2022-23, AY 2023-24)  show kaise karun? In exempt income 

Q2 :-  Agar koi property buy karta hai to hum usko ITR-1 (Sahaj) mein kaise show kare?   

 

 

Relative in literal sense and relative as per income tax are different. please refer section 56(7)(x) of the income tax..that should solve your question

Can you provide the link of section 56(7)(x) of the income tax? 

 

Explanation.—For the purposes of this clause, "relative" means—

[i] spouse of the individual;

[ii] brother or sister of the individual;

[iii] brother or sister of the spouse of the individual;

[iv] brother or sister of either of the parents of the individual;

[v] any lineal ascendant or descendant of the individual;

[vi] any lineal ascendant or descendant of the spouse of the individual;

[vii] spouse of the person referred to in clauses [ii] to [vi];


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