Parents funding your home down payment? Is the money tax-free, can it invite scrutiny, documents needed — FAQs answered
Young Indian homebuyers increasingly seek parental financial support for down payments amid rising property prices. Gifts from parents are tax-free under the Income Tax Act, but large sums may invite scrutiny from tax authorities regarding their source. Buyers should ensure proper documentation to avoid issues, especially for properties valued at ₹30 lakh or more.