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Gift from father used to pay house loan

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(Querist)
21 December 2012 Can one use the gift in cash received from fatehr to pay house loan.
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shivaji prasad bhimavarapu

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shivaji prasad bhimavarapu (Expert)
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.
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