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Housing loan repayment and closure regarding

Tax queries 263 views 2 replies

i have house and i am paying loan of the same, now i wish to close it by paying lumpsum which of the following is it the right way to clear loan

i.if my wife directly pays remaining amount from her account as she is working teacher

ii. i receive cheque from my wife for remaining amount and pay to builder what will be income tax liability in either case

thanks
 

Replies (2)
There's no difference in the two methods. you can do as you wish
It is better you go for option ii
There is no tax liability on this transaction.


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