cpc

gift deed between brothers


Dear Sir

i owned a flat ( registered on my name ) buyed in 2005 by Housing Loan by myself +self funds + 12 laks borrowed by Brother ( in Cash ). As he has helped me while these purchase. Now i wish to repay ( 35 laks) him as he is planning to buy home for himself. for this i have taken a modguage loan 35 laks & pay him by cheque from my account. please guide me so this transaction should not arise the Income Tax to myself nor my Brother. please suggest how to proceed.... thanks & regards

 

 
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FIN

You have already acted.

Consult a CA, I.Tax Lawyer with record of all transactions.

You can also post the query at sister site of LCI:

www.CAclubindia.com

 
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