1. See you can file there ITR and they can from there saving account gift you amount and gift deed for same can made. 

2. You can show savings in there ITR.

3. A notarised gift deed can be made.

Your wife and you can be a joint purchasers if she is an IT assessee  and also willing to contribute for this purchase.

Your parents need not be IT assessee to help you to purchase the property by gifting their savings money to you in the form of gift deed. 

Your parents gift deed would not attract income tax. 

If necessary you can add them as joint owners of the property.

Dear Sir,

You are required nothing to do much, rather consult a tax consultant and get the return filed in hassle free manner. This is suggested so because the such consultants are expert in that field and they will advise you special tricks on the issue. 

Your parents should file income tax returns if there income is above taxable limit 

2) they can advance loan to you or gift you the money 

Mention all contribution in sale deed. No need to fill ITR of parents. No harm.

You can mention gift in ITR,  the amount you received from parents and wife.

1. Your parents can execute a notarized general affidavit stating that they have Bank transferred some money to your Bank, as a Gift, due to love and affection.  This thing should be reflected in your income tax returns.

2. For above, there is no need to file ITR of parents.

No need to file ITR on your parents name if you have sufficient amount to repay the loan or EMI then it can be adjusted other wise all four of you income will be consider and the plot will be purchased on all four of names.

You can take gift deed from them only you want to buy on your name plot.

Dear querist, 

1. A gift deed in your favour by your parents will be a good option for you, for which no tax is required to be paid or the money can also be provided to you as a loan. 

2. You and your  wife can be the joint owners of the property, if necessary. 

3. every details mentioned in the sale deed will be beneficial and no other requirement. 

Regards, 

YUGANSHU SHARMA 

ADVOCATE

- Yes, you can purchase the said land after taking contribution from each family members.

- Since you and your wife filing ITR , hence now the problems for showing the income of parents. 

- Once you will show the income of your parent after filing an ITR , then usually they will have to file the same , otherwise , they will receive a show cause notice from the income tax department. 

- Further, if your parents having fund in their saving , then after executing a Gift deed , they can transfer the amount to you .

- Further, under Income Tax Act, Any gift received with an amount more than Rs. 50,000 is taxable.

- However, Gifts from specified relatives like spouse, father, mother, brother and sister.are exempted, regardless of amount.,

You can file the same. Buying a flat depends on loan on by mortgage. The procedure is different for different aspects. But they can do the same if they have source of income

If they have the money you need then take it from them and show it as loan from them. File your tax returns and show it as loan. Ask your CA and he will take care of the accounts etc.

Nothing major to be done.

Payments can be gifted from parents to childs. So get the payment gifted to you from your parents and buy property on your name

You can buy the property from the money available in your family account however they will have to deposit the moneys into your account and you will have to show that you took that money as a loan from them.

But please note that if they deposit heavy amounts into your account your bank will question you. 

Or you can simply get an agreement with the bhaiya that some amount of the the purchase will be paid by why you and some amount will be paid by your family members the account details which you shall mention in the agreement.

if you want to buy a plot and your father/mother/sister/brother etc transfer Rs 20 lacs to your bank account. You don’t need to worry about the taxation part, because its a gift from your relatives and you will not have to pay any tax on this amount. However its a good practice to do the documentation for this, if the amount if pretty big like in this example. All you need to do is document this transaction on a paper which clearly states that who transferred the money and the reason for it, along with the signatures of both parties. In future, if there is any income tax scrutiny, this small piece of proof will be handy and will help you a lot.

1. You and your wife can be joint purchasers of the property.

2. If the property is registered jointly in favour of husband and wife then both of you will be entitled to LTCG tax deduction to the extent of their share. In case the house property is jointly held, then the capital gains will be calculated for each owner separately and each co-owner can gain the benefit of this provision and restrict the taxable capital gain. Each co-owner can use some/all of his portion of the first house sale proceeds to buy another house (within stipulated time) and thereby reduce his/her taxable capital gain. Consequently, the total taxable capital gain would reduce. 

Since your parents are not IT assesses, they can advance the amount to you as loan / they can gift the amount to you.

Since your wife is also an IT assesse, she can be co-applicant if she is interested.

Your chartered accountant will take care of your next ITR.

Every single document from the origin of property and Encumbrance certificate. Search report from bank.

About court case, only seller can tell or take declaration from him, if any case is going on.

Check whether seller has original China of documents of title to property 

2) whether property taxes bills are paid till date 

3) take 30 years title search 

4) you would come to know whether title is clear and marketable 

You can get all mutation papers and sale deed original from previous seller and buyer and current Index II Form.

The list is very big. 

The list of documents to be verified before buying a flat would be intimated to you by your advocate to whom you may refer the matter to obtain a legal opinion about the property.

Any purchase of immovable property without obtaining a proper legal opinion may lead you into trouble in future.

When problem arises you may have to run between court and home to solve the problems despite having invested huge money. 

-  Check the title deed /ownership paper of the seller carefully , like name , description of the property etc.

- Ask for previous chain documents , and compare the same with the latest title deed.

- Inspect the latest title deed from the office of the registrar , where it was registered.

- Inspect the land records from the office of the registrar, 

- Publish a Public notice in newspapers calling for claims in respect of the property, after mentioning that you are going to purchase this property , and if anybody is having any objection for the same , then contact within 10 days period . 

- Check the property tax payment receipt , where it is uptodate or not.

1. You can take money from them as gift.

2. No need to file ITR of parents now they can show the money as savings from years for purchase of property.

3. You should ask for chain documents and mutation records of property.

4. You can ask some advocate to provide legal report of the property which you are buying. 

5. You can confirm for municipal department about any restrictions on property.

6. You should apply for updation of mutation records after getting Property registered on your name. 

1. You can take money from them as gift.

2. No need to file ITR of parents now they can show the money as savings from years for purchase of property.

3. You should ask for chain documents and mutation records of property.

4. You can ask some advocate to provide legal report of the property which you are buying. 

5. You can confirm for municipal department about any restrictions on property.

6. You should apply for updation of mutation records after getting Property registered on your name. 

before going to purchase a plot, you have to verify the following documents.

mother deed (sale deed/gift deed/grant certificate/partition deed), Encumbrance certificate in Form No.15, Form No.16, up to date tax paid receipts, conversion order, approved layout sanctioned plan, Mutation Registers, Indexes, survey sketch, tippani and etc.

you should get legal opinion/documentation legal verification. it will avoid multiplicity litigation in future. 

1. The title document, mutation document and you should see if the there is loan and mortgage on property or not.

2. If there was loan ask for bank NOC.

3. Check for municipal government permission, plan approvals.

For loans encumbrances contact a local lawyer who will do a due diligence on your land.

He will make sure that tge land is encroachment free and there are no encumbrances on it.

You seek earlier agreements, find out any encumbrance is there on the said property. Also seek society dues if any earlier not paid

1. All documents which form part of the chain of title such as sale deeds of all owners and mutation certificates. If any division of the property was made then partition deed should also be sought and it should be registered.

2. Engage a lawyer to conduct due diligence to ensure that title is free and marketable. It is trite law that no one can pass a title better than his own title.

First you give public notice in news papers about your intention to purchase the land land calling for objections if any within 3 days / 5 days of such notice, one in vernacular language and other in English language.

Followed by:

- Ask for the link documents of the title which the seller has over the property offered to sell.

- Check whether the Property Tax is paid upto date, check with original tax paid receipt.

- Obtain Encumbrance Certificate (EC) for last 30 years / you can conduct search in Registrar's office also.

- If above are clear, as for declaration from the seller stating that no unregistered mortgage etc.

- Based on the above, you can have clarity as to clear title flow / marketable title of the seller.

- If any discrepancy is noticed, it needs clarification.

Dear Sir,

You are suggested to ask for title deed documents, no encumbrance certificate (no loan) etc. from the owner and also get the documents verified from the registrar's office. 

Get a search report prepared for the land. This would contain all the history info of the land

Ans: Due diligence of the plot of land can be done by your legal attorney by looking on the online platform of e-courts with the name of the seller.

For any loan on the plot of land you will have to seek assistance from the seller and his bankers to identify the same.

Even your CA can assist you with the same.

Get in touch with some local advocate who will help you in getting the title search report of the said residential land. 

Regards