Can I use gift deed to repay home loan? - Property Hotline
February 10, 2017
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2:56Now PlayingCan I use gift deed to repay home loan? - Property Hotline
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as posted by the channelExpert: Ramganesh Iyer, Fisdom
Question: I purchased a property worth Rs. 32 lakh in my name and have taken 85% loan for it. My father owns a flat worth Rs. 1.3 Cr. which he is planning to sell and distribute the money equally in 3 parts. Can I repay the loan with the amount which I will receive?
Answer: Gift from father to son is valid and not taxable. Since the amount that you will be receiving is large, I’ll advise you to create a gift deed and get it signed so that later all fund related queries can be answered. The money you will be receiving is your money and you can surely use it whichever way you want. In your case, you can definitely use the amount to repay your loan.
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