Comments on: Taking money from a friend to buy house in Banglore? http://www.webuyhousesvideos.com/buy-my-house/taking-money-from-a-friend-to-buy-house-in-banglore We Buy Houses News and Help... Sun, 20 May 2012 05:49:55 +0000 http://wordpress.org/?v=2.5.1 By: Reddy http://www.webuyhousesvideos.com/buy-my-house/taking-money-from-a-friend-to-buy-house-in-banglore#comment-16768 Reddy Sat, 30 Sep 2006 09:24:03 +0000 http://www.webuyhousesvideos.com/buy-my-house/taking-money-from-a-friend-to-buy-house-in-banglore#comment-16768 The answer for your question is very simple. But I should not advise you in public. Contact your finance manager of your company or any C.A. They will tell you every thing in detail.<br><b>References : </b><br> The answer for your question is very simple. But I should not advise you in public.

Contact your finance manager of your company or any C.A. They will tell you every thing in detail.
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]]> By: smilingbook1 http://www.webuyhousesvideos.com/buy-my-house/taking-money-from-a-friend-to-buy-house-in-banglore#comment-16767 smilingbook1 Sat, 30 Sep 2006 06:26:17 +0000 http://www.webuyhousesvideos.com/buy-my-house/taking-money-from-a-friend-to-buy-house-in-banglore#comment-16767 Well if u want to build up ur capital than ask your friend to purchase house in his name first and than via gift deed ask him to gift you. By doing this the cost of house will be added in ur capital and also it wont be taxed as the gift is in 'KIND.'(KIND means in any form other than cash or cheque or Demand Draft) Gift in cash or cheque over Rs. 50000 is taxable as income, so its of no use. OR Take it as a loan, if u take it as a loan than the interest which u will have to pay to him should be atleast equal to wat u would have paid to bank. But for this u can do is pay him by chek and take cash from him, By doing this u will get deduction of the interest amount under section 24 of income tax, from ur total income, and u will be able to save tax. But this will also result in accumulation of black money with you, because the amount u will take back in cash wil be treated as black money so u will have to hide it properly. Regards,<br><b>References : </b><br> Well if u want to build up ur capital than ask your friend to purchase house in his name first and than via gift deed ask him to gift you. By doing this the cost of house will be added in ur capital and also it wont be taxed as the gift is in ‘KIND.’(KIND means in any form other than cash or cheque or Demand Draft) Gift in cash or cheque over Rs. 50000 is taxable as income, so its of no use.

OR

Take it as a loan, if u take it as a loan than the interest which u will have to pay to him should be atleast equal to wat u would have paid to bank. But for this u can do is pay him by chek and take cash from him, By doing this u will get deduction of the interest amount under section 24 of income tax, from ur total income, and u will be able to save tax. But this will also result in accumulation of black money with you, because the amount u will take back in cash wil be treated as black money so u will have to hide it properly.

Regards,
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]]> By: RAY http://www.webuyhousesvideos.com/buy-my-house/taking-money-from-a-friend-to-buy-house-in-banglore#comment-16766 RAY Sat, 30 Sep 2006 05:45:44 +0000 http://www.webuyhousesvideos.com/buy-my-house/taking-money-from-a-friend-to-buy-house-in-banglore#comment-16766 So many friendships are ruined by financial partnerships that I would be more afraid of losing a friend than being taxed on his or my money. If you cannot afford to buy the house without your friend's money, perhaps you cannot afford to buy the house???<br><b>References : </b><br> So many friendships are ruined by financial partnerships that I would be more afraid of losing a friend than being taxed on his or my money. If you cannot afford to buy the house without your friend’s money, perhaps you cannot afford to buy the house???
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