My dad and wife helps me to repay my home loan

POSTED BY Ganga ON November 6, 2012 6:21 pm COMMENTS (3)

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..

3 replies on this article “My dad and wife helps me to repay my home loan”

  1. Ganga says:

    Hello Ashal,

    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..

    thanks

    Ganga…

    They both pay income tax and submit the returns accordingly…

  2. Dear Ganga, from where you Dad or wife arranging money to help you?

    thanks

    Ashal

  3. bharat shah says:

    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.

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