My situation: my partner and I are planing to buy a home and it will be under my name. I will use the home loan and later my partner borrow the money from her family (oversea) and transfer it to my home loan off-set account. And then we will pay back the money periodically with zero interest to her family.
My question are: 1) do I/partner need to pay tax for the money borrowed? 2) could we use any written agreement to prove the money is a family loan? Could we do it without any professional involved?
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