Income Tax Liability from cash income for loan EMI

POSTED BY kapi.goel ON October 9, 2011 12:08 pm COMMENTS (2)

Hi All,

I took one personal loan in my name and given the money to my parents for their needs.
EMI for the personal loan is getting debited from my Salaried account.
Event month my father deposit some cash into my bank account for the quick loan repayment and help.

So am i liable to pay any income tax on the cash deposit from my father side?
Please help me to access this aspect of income tax.

Thanks,
Kapil

2 replies on this article “Income Tax Liability from cash income for loan EMI”

  1. kapi.goel says:

    Thanks Abhishek,

    But i think, for Gift also there is some allowed limit, after that there is a income tax.

    But not sure.

    Kapil

  2. Abhishek says:

    You do not need to pay tax on the cash deposited by your father in your account. This can be treated as a gift from father to son and is tax free in your hands.

    Regards
    Abhishek

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