clarification required

[Prabir Ghosh]

Dear Sir,

I want pay my home loan amount rs 750000/-, Amount will be taking from my mother in law, she is widow, house wife, Can I show this Is consider as own sources Income,

pls reply,

Prabir

[DR.MARIAPPAN GOVINDARAJAN]

Dear Sir,

You may get the amount from your mother as gift which is exempted from income tax after that you can show it as one of the source.

M, Govindarajan

AI Summary

Gift exemption allows receipt from a relative to be tax exempt and shown as source funds for a home loan. Treat funds received from a mother in law as a gift that is not chargeable to income tax; once received and documented as a gift, those funds may be shown as the recipient's source for repaying a home loan.