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:
    February 18, 2013 at 10:19 am

    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…

    Reply
  2. Ashal Jauhari says:
    February 18, 2013 at 7:03 am

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

    thanks

    Ashal

    Reply
  3. bharat shah says:
    November 6, 2012 at 7:01 pm

    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.

    Reply

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