Son takes a home loan a year back and it is repaid completely by the Parent. Will the son be taxed on the funds paid by parent on loan closure or the parent be taxed. appreciate if you may clarify with the mentioned case with any other tax be attracted on the transaction.
thanks.
Menu
Tax on home loan closure
Replies (3)
Quick Summary
Whole amount is exempt from income tax as it will be treated as Gift from parents and exemp u/s 56(2).
Thanks Sunil for your swift response.... one leading question... which also means the property against which the home loan is taken will also be considered as a Gift and no tax is paid on the asset the Son got.
Yes you are correct
Recent Topics :
- Investment fund's income from ncd distribution to
- Comparative BS PL with Audit report
- Source of funds in IT returns
- Work from home job
- TDS ON ANY PURCHASE OF ANY GOODS - 393(1)
- TDS on payment to a non resident
- NSFA(National Food Security Act) commission
- RCM applicability on petty GTA freight (₹450
- Short payment reccieved in export & GST implic
- Parag Gupta vs Purushottam Aggarwal- who is best f
Related Topics :
ARTICLESHIP
21 September 2026
CA Article Assistant
KK & Company Chartered Accountant
Pune
CA Inter
View Details
ARTICLESHIP
30 September 2026
CA Article Assistant
CA Suraj Garg & Associates
New Delhi
CA Final
View Details
Featured
11 September 2026
Audit Executive
RBSM Corporate Advisors Private Limited
Pune
CA
View Details
CCI
Pro
CAclubindia
