 "Kuldip Kumar")
I am planning to buy a house worth Rs 80 lakh. I am taking a loan of Rs 50 lakh. My father is giving me Rs 15 lakh and his brother (my uncle) is giving me Rs 10 lakh. The remaining will be from my savings. What are the cautions I should take to answer a potential tax query on the sources of fund for the property purchase?
You have not mentioned whether the money taken from your father and uncle is a loan or gift. There is no specific section in the income tax return form to disclose the details
