How to show 10 lacs loan from Father for home loan in my Income tax filing ?

POSTED BY pankajgaud80 ON July 5, 2014 1:42 pm COMMENTS (2)

Hi

I have purchased a flat in Bangalore. It is under construction. The total cost of flat is 45L (without registration). I have taken 30L home loan from SBI. 10L I have taken from my father for down payment.  

My questions are

  • How to show the 10L amount during my income tax filing? (I will return this to my father without interest in future)
  • Will this amount create any problem in future?
  • Is this amount is taxable?
  • Should I show this amount as a gift or loan? If it is gift, than does any tax on my father? Do I need to declare anything?

Please help me.

Pankaj Kumar

2 replies on this article “How to show 10 lacs loan from Father for home loan in my Income tax filing ?”

  1. pankajgaud80 says:

    As the tax filing date is 31 Juyl, can any one help me on this?

  2. pankajgaud80 says:

    can any one help me on this?

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