02 April 2009
For the only purpose of partial repayment of home loan of son, wife transfers fund to her husband's savings bank a/c.Then the home loan of son is repaid from husband's a/c Is there any involvement of incometax to husband.
02 April 2009
As I understand, there are three persosn, viz., father,mother and son involved in transaction
For funds transferred from one person to another in the above group for repayment Home Loan, there are no tax implications for gift.
Technically speaking, son cannot claim benefits under Sec 80C and 24, if Home Loan repayment is made using funds belonging to his father or mother unless a stand is taken that transfer of funds is intended to be in the nature of hand-loan
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