POSTED BY May 1, 2014 12:44 pm COMMENTS (5)ON
Advise on the following needed
I am a salaried person and my wife is a homemaker. Let’s say she has her own money of 15L and I have 5L. I want to acquire a property for 20L. Property will be registered in my name, however, registered value of the property is much less, say 10L (as per market value).
I take a short term (6 months to 1 year) loan of 15L from my wife at say 8% interest. Repayment of loan+int will be in installments over a period of say 1year. Transfer of all these money will be online between our 2 separate a/c.
My query is: Any legal/tax issues involved in the above case, especially in taking loan from my wife?
Note: The figures shown above are in Rs and only for illustration and not actual.
Thanks in advance & rgds,