Citizen Kane (manager) 09 November 2019

Money received from father to buy a flat

My father is transferring about 45 lakhs so that I cna buy a flat. Flat value is 42 lakhs plus 3 lakhs will be spent on registration, lawyer fees etc. I am being advised to get this in writing from my father that he is gifting this money to me for purchasing the flat in case there is a scrutiny in future. My fathe ris very old and will not live long. What sort of documentation should I make? Is plain paper enough with both our signatures or does a lawyer or a n accountant get this done? Thanks for your replies.

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Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108) 09 November 2019

1. Take Affidavit (100/- stamp paper) from Father, that you are his Son and that he is Gifting you the money. Affidavit must mention his PAN no., Cheque no. etc....

2. Take Cheque, Make Clear Photocopy for your income tax records. Deposit cheque.

3. Keep original affidavit (duly notarised) and Cheque Photocopy, and Father's & Yours original /certified Bank Statements, permanently in your income tax file.

4. IF you require Professional Services for above, THEN contact me.

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

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Citizen Kane (manager) 09 November 2019

Thank you. My father is transferring the money online. How do I account for that?