I would suggest you to drop ONLY is you are confident you can make it.

The main drawbacks of drop are :

1. If you do not put in QUALITY and SATISFACTORY work from day 1 , tension will prevent you from studying harder.

2. Your classmates have already gone one year ahead of you. It creates pressure.

3. "Will I qualify this time?" shatters your confidence.

So , you should drop only if you think you can bear all this. See , your parents are against it now , but if you drop then definitely they will encourage you to work harder.

See , there is nothing like time to prepare etc. Quality of study is the factor that will get you in. This is because no question is ever repeated in IIT.

So if you are repeatiing follow the steps :

1. Concentrate on quality work. Solve 30 - 40 problems with full understanding (If it takes the whole of your time)

2. Do not take any tension. Assume that you are not appearing for any exam. You are interested in the topic and you want to study it. (It may fail initially , but works marvellously). You don't know the future , only way you can make it better is by working in the present. (i.e. study harder)

3. Try opening out every single thought with your parents.

IN case your parents still say a no to drop , get in some engineering college and prepare for IIT. Remeber , quality of studies is more important than quantity. There are people who have just studied for 4 - 5 hours for a year and yet succeeded in IIT.

Your parents know you better and probably their decison might be correct. Try to open out with them.

Wishing you success,

Sidd.