Taking money from a friend to buy house in Banglore?

I'm taking some money from a friend of mine(Around 5Lakh Rs.) to buy a home in Banglore. If this amount gets credited to my Salary Account will it come under tax scanner? If yes, how can I take the money from him and deposit it safely without taxmen chasing me???Taking money from a friend to buy house in Banglore?
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.Taking money from a friend to buy house in Banglore?
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,
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???