Gift to son for payment towards His housing loan

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Gift to son for payment towards His housing loan

Gift eligibility of son from his father for repayment of Housing loan

Profile photo of BHARAT RAMNIKLAL MEHTA Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 1 week, 6 days ago
  • Profile photo of BHARAT RAMNIKLAL MEHTAAnonymous

    Gift eligibility of son from his father for repayment of Housing loan

  • Profile photo of KOMAL MISTRYKOMAL MISTRY
    Moderator

    Gift received from relatives are exempt from tax. 

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    Following persons would be considered as relative ​as per Income Tax Act.

    (a) Spouse of the individual;

    (b) Brother or sister of the individual;

    (c) Brother or sister of the spouse of the individual;

    (d) Brother or sister of either of the parents of the individual;

    (e) Any lineal ascendant or descendent of the individual;

    (f) Any lineal ascendant or descendant of the spouse of the individual;

    (g) Spouse of the persons referred to in (b) to (f).​

    Hence, Gift by father to son will not attract any tax liability in the hands of Son. After receiving gift, Son can make payment of housing loan. However, it is better if Gift deed is executed to entered into such transaction for future reference.

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