Namaste, I have a home loan for a property at Mumbai and as my family is permanently shifting to Mumbai we want to sell a property from our native place to close the home loan. The native place property is owned by my parents (both retired). Please guide us to know the best option so that I dont have to pay the tax on the amount which I will get from my parents by selling the native place property as I will be using the money to close my home loan.
1) Should I make my father co-applicant in my home loan so that he can directly pay the money to bank. My wife is already a co-applicant in the home loan or
2) Should my parents make me owner of our native property and then I can sell the property and close the home loan. But I think I will have to pay the tax
Please provide your guidance.
