Hi Sree,
My father was state government employee and before his retirement ,he passed away. After his death my mother received all payments. I recently bought an under construction flat (registered in my and wife's name) and used most of my mother money for repayment of installation and remaining i manage from home loan. My mother was living with me. All payment i maid to builder is from joint account of my mother and me. I want to know is it legal the way I used money. If not what I should do..
3 Answers
Hi,
You mean to say that you have used the major portion of your Father's Retirement benefits to fund the Down-payment of the property?
May I know your exact query? Are you worried about the possible income tax implications? or...??
Hi,
Yes I used money for funding property.
Yes I want to know about the possible income tax implications.
Basically want to know is there any restriction of using money from parents, tax point of view..
I believe money taken from mother/father (blood relation) is not treated as gift so no tax implications..Correct me if I am mistaken..
Nitin
Dear,
It can be treated as a GIFT.
Kindly go through below articles ;
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