Home Loan part payment from my parents

Hi all,

 

Can I take help from my parents to part pay my home loan.

Will. my parents or I incur any tax on this amount

Replies (2)
Quick Summary
This discussion explores whether parents can contribute to a home loan part payment. It clarifies that such payments are generally allowable. The advice suggests that receiving funds as a gift from parents is a preferable route, allowing you to use the money to pay home loan EMIs and potentially claim tax rebates under the income tax act.

Better to take gift from them, so that you can pay home loan EMI & can claim rebate under income tax act...

Home loan part payment is allowable.

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