banner_ad

Tax on home loan closure

Others 267 views 3 replies
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.
Replies (3)
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


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details