Amount received from Parents to repay Home Loan

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  1. Minakshi Khan

    Minakshi Khan New Member

    Sir,
    I am regularly filing my Income tax return every year. I want to take substantial amount of money from my Mother through bank account transfer and would like to repay it in Housing loan which has been taken in my name as well as in my Husband's name.

    The loan has been given by a bank after assessing my Husband's income. The flat has been taken in joint name and Housing loan has been processed in joint name as well.

    My question is: 1) Should I take the declaration from my mother in a white paper of a Rs.100 stamp paper that the Money has been gifted to me by her at the submit that paper during my income tax return?

    2) Can I pay that money in repaying Housing loan?

    Kindly Advice .
     
  2. narendra reddy

    narendra reddy New Member

    Instead of taking total amount on your name as gift take in equal in your name and your husband name. take the declaration in two bond papers along with cheque numbers, and bank account details etc. your mother can gift to your husband also without paying gift tax. Good luck
     
  3. narendra reddy

    narendra reddy New Member

    You can repay the housing loan amount with gift taken amount.
     
  4. narendra reddy

    narendra reddy New Member

    OR
    Yes you can repay housing loan out of gift received from your mother.

    But your mothers income tax returns must justify the amount of gift she has given to u.

    Gift deed can be prepared on a stamp paper of Rs 10 and above.

    Cash should not be deposited on your mother's bank account before transferring the money in your account.
     
  5. gaurav_kumar

    gaurav_kumar Well-Known Member

    I agree with @narendra reddy

    Your mother can gift you the amount which you can use to repay it to the income tax dept.

    The amount received by you would be considered as exempted income but would still be required to be disclosed in the income tax return.

    You can refer this article on how to disclose exempted income in the income tax return - http://www.charteredclub.com/exempt-income-itr/
     
  6. Minakshi Khan

    Minakshi Khan New Member

    Sirs, thank you a lot for your valuable advice.
     
    narendra reddy likes this.
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