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 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.