Snoots (n/a) 08 October 2018
I am buying a house and have applied for a home loan. Since the EMI amount is huge, a friend has agreed to help me with part emi payment, 50%. if she transfers this money into my account every month, what are the tax implications on both myself as well as her? how advisable is it to take this amount in cash?
Adv Deepak Joshi +917017821512 (Advocate) 08 October 2018
Dear querist,
Your friend must be paying tax as per income, will not any additional tax liability on friend.
You take money from him as friendly loan so no additional tax liability on you.
As no additional tax liability then avoid doing cash transition.
Regards
Deepak Joshi & Associates
Djaa.legal@gmail.com
Mb/whatsapp +919456777600
Snoots (n/a) 08 October 2018
She is salaried like me and pays tax on her salary. if she deposits and EMI amount into my bank account, it will not be taxed? for me or her?
Adv Deepak Joshi +917017821512 (Advocate) 08 October 2018
| Originally posted by : Snoots | ||
 |
She is salaried like me and pays tax on her salary. if she deposits and EMI amount into my bank account, it will not be taxed? for me or her? |  |
In case of friendly loan there is no additional tax liability on both of you.
Snoots (n/a) 08 October 2018
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