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Senior Citizen With Home Loan Balance: Tax Implications on Mother's Property Inheritance?

Milind Vadjikar |1172 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Feb 28, 2025

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more

Question by sandeep on Feb 28, 2025Hindi

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sir my mother got 27 lakh her share from her father property. she is around 78 years, she is having one home loan balance 13 lakh. what will be her tax liability should we repay the balance home loan from this amount. please suggest.

Ans: Hello;

Definitely the part of amount should be utilised to fulfill her home loan.

However for tax liabilities and avenues to save them, if possible, should be discussed with a CA/tax advisor.

Best wishes;

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Dear Sir, My father recently in oct 2022 sold his house . He was staying in this house since 1973. He got this house from his father who had purchased it in 1971. In Jan 2023 my father passed away. All his money which he got from selling house was in joint account and my mother is the secondary account holder. Do my mother need to pay capital gain tax? If yes how much tax she need to pay? Can you also suggest how she can save the tax by investing in bond or any other investment. She don't want to buy a new house. Kindly suggest. Thanking you in advance

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Hello sir My mother selling a plot (residential land) and going to get amount of 40 laks, she wish to give that money to me (son) . She is a housewife mean not a income tax payer. 1.Did she need to pay tax. If so how much? 2. And if she given to me after paying tax should i also need to pay income tax.

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Yogendra jee my mother age 78 years got 27 lakh from her father house as her share. she is having one home loan liability of around 13 lakh. what are the tax liability . what you suggest .

Ans: hi sandeep ji,
as per details amount received by your mother is her share in father house which is gift received from relative i.e. father is fully exempt.
but if money received is as co owner in the property i.e. father’s ancestral property then capital gain attracts and same will be taxable.

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