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

AI Summary

Gift from Mother-in-Law to Pay Off Home Loan is Tax-Exempt; Can Be Shown as Income Source A user inquired about the tax implications of receiving Rs 750,000 from their mother-in-law, a widow and housewife, to pay off a home loan. The respondent advised that the amount can be considered a gift, which is exempt from income tax, and can subsequently be shown as a source of income.