My father want to purchase a property for me pls tell me correct procedure as iam not working right now so fear that if he transfer a big amount in my bank to purchase property bank may ask me why u have money as iam not working Pls guide me correct way with minimum expenses
Transferring of any amount from own family members do not attract any kind of Tax or liability subject to it is not a transaction in dispute. Buying a house in your name can be done by your parents without any tax hazels. Make sure that the property documents in original are as per the banking norms in case you go for a loan. You can share the purchasing property detail with us. Contact for further assistance
Dear Sir, You may please contact local Auditor or Chartered Accountant and get appropriate guidance to avoid future complications.
