Hi
Do you mean payment of 10 lacs by cash or cheque?
At what value will the flat be registered?
Real estate purchase
I want to purchase a resale flat costing is 25 Lakh in which i also applied for 15 L Loan and rest amount i will pay through cash . This rest of amount i am taking from someone so i want to know what will happen in case some one transfer 15 lakhs in my account . another queries is can i take this money in my salary account or should use another account . Please advice me for same .Also please provide good advice on same.
Asked 6 years ago in Income Tax
It will pay by through cheque and The registered value will be around 2 Lakh (5 % of property and property price is 2575000)
Asked 6 years ago
OK. Then there would be no problem in taking a cheque in any of your accounts.
Show it as a loan taken or if the person is a relative, you can show it as a gift also which shall not be chargeable to tax.
Thanks For reply. Requesting you please advise how can i will shown that this amount as loan. Should i fill ITR for same before or after purchasing property .
Asked 6 years ago
Also I am taking this amount from my father in law so is it legal to show taking 10 lakh as a gift money.
Asked 6 years ago
For loan, you no need to show it in ITR since you're not filling balance sheet along with ITR.
You can take such gift from father in law and show it as an exempt income as gift, provided your father in law has genuine sources of income to show such payments.
I assume the 5% amount you mentioned above is stamp duty to be paid and property will be registered at 25.75 lacs.
Hi,
You can take loan from your friends/ relatives for buying house property.
You can take the money in any account. Make sure that you don't deal in cash.
Please feel free to call revert in case you need more clarity.
Thanks and regards
Abhishek Dugar
CA CS B.Com
Hi,
Yes, gift from your father-in-law will be exempt, irrespective of the amount. On a safer side, you can enter into a gift deed. A gift deed is on a plain paper and will state the donor, donee, amount of gift and the reason for gift.
You will have to file your return of income at the specified due date i.e. 31 July of every month, for the financial year ended before it.
Regards,
Keerthiga Padmanabhan
M.Com, CA, LL.B
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