Gift from father used to pay house loan
This query is : Resolved
21 December 2012
Can one use the gift in cash received from fatehr to pay house loan.
21 December 2012
Income tax benefit U/s 80 C for repayment of principle of housing loan will NOT be available if such repayment is fully met from the Gift amount.The deduction available is Max of rs.100000/-.If not particular about Sec 80 C benefit, you can take gift from father and repay the Housing loan which will reduce interest burden. Execute a Gift deed on a suitable stam paper ( Say Rs.100/-) and get it signed by the donor and also the donee for acceptance of gift.Better preserve the sources for such funds to father for future reference.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Scrutiny and reopening of past returns
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Banking Related Issue
- Difff in ais receipts and gst turnover
- ITR-Capital Gain
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
