Hello Friends,
My mother is giving me around 5-8 Lacs for the purpose of buying a home from her hard earned savings.
1) I want to know is there any way by which we can legally document this?
2) is there any way by which she or me can save taxes, if i formally and legally declare this as person to person lending on some interest rate?
just for info she is 66 yrs old pensioner and has medical insurance funded by me and living with me and my wife. To be frank with you my purpose is to protect her savings legally, as I am buying house on my name only.
Many thanks in advance
Regards,