Need your expert advice guidance on taxation part. My Father wants to buy a Farm Land worth Rs.25 Lakh. If I transfer Rs. 25lacs to his bank account & he uses that for the purchase of farm land.
– Will this amount considered as my Father’s income & becomes taxable income…?
– If I directly pay to Farm Land owner & execute sale deed on Father’s name will it be OK as far as income tax is concern..?
As per my understanding any amount received by relatives is not taxable at all. Could you please suggest the best way to do this transaction & avoid tax hassle.
Thanks in advance.
Mahendra