POSTED BY November 6, 2012 6:21 pm COMMENTS (3)ON
I have taken SBI max gain home loan..
My dad and wife helps me to repay my home loan but they are not co-borrower or co-appicant in home loan.. So do i need to pay income or any tax to bank?
Currently i am doing all my transactions online. Dad and my wife transfers money online in my SBI savings account and then i am transferring it to Max gain Home loan account.
If Any body has any detailed information please share with me as a don’t want to get in trouble later on..
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3 replies on this article “My dad and wife helps me to repay my home loan”
How are you?
My Dad is retired government employee and has a income source from his pension and some fixed deposits…
My Wife is working and has a income source from her salary..
They both pay income tax and submit the returns accordingly…
Dear Ganga, from where you Dad or wife arranging money to help you?
i think the bank is not concerned from where you pay emi. for you, it is capital receipts , and not subject to income tax. you (you, your wife and your father) may treat as loan or gift, and treat accordingly.