I recently purchased a property and made a down payment of 70lacs from my account and these money was given by my parents and some other friend helped.
Transaction of around 1cr had happened in my account and please let me know whether these transaction which are carried through online and cheque will be taxed or should I file any Income tax for that.
Hello @raghav_munna
There is no Income Tax on purchase of property. However, ITD may raise concerns on source of funds to buy such property.
We would recommend you to file ITR, disclose the income you received like any amount received from parents can be shown as exempt income under the head IFOS since gift from relative is tax free.
We can help you to file taxes - Book a MEET to file ITR
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When should we show this under the head IFOS, at time of ITR filing ( approx in june 2024)
You should disclose the income as and when received. If you have received the funds in the current FY, then ITR has to be filed after the completion of current FY i.e after 31.03.2024.
If you received a part of funds in the last FY i.e on or before 31.03.2023 then ITR has to be filed now for FY 2022-23.
Thank you.
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