Doubt on gift deed

This query is : Resolved 
 


Querist : Anonymous (Querist)
30 November 2019

Sir/Madam,

property is in my mother name and home loan is in my name and my mother name. To avail tax exemption I need to take a gift deed from my mother. Is it possible to take gift deed by informing the bank and without closing the existing home loan.

Please help me out.


SHIRISH PAWAR, 7738990900 (Expert)
30 November 2019

Dear Anonymous,
It all depends upon the particular bank's policy. Without permission of bank property cannot be transferred to your name.
Regards,

sankar narayanan (Expert)
30 November 2019

yes i do endorse the suggestion given by sri Pawar

kavksatyanarayana (Expert)
30 November 2019

Agreed with the above experts.

Dr J C Vashista (Expert)
02 December 2019

How did you avail loan against the property in the name of your mother ?
Seek advise/ guidance of a local prudent lawyer with relevant case file for better appreciation of facts.

P. Venu (Expert)
02 December 2019

Admittedly, the bank has already sanctioned the loan. What is the necessity of gift deed at this juncture, just for the purpose of availing tax exemption?


Querist : Anonymous (Querist)
02 December 2019

Yes Sir. Bank has already provided loan, I am unable to claim tax exemption since I'm not a co owner of property but I am co borrower of home loan. Can bank help me to become co owner of the property without closing the existing loan.

KISHAN DUTT RETD JUDGE (Expert)
02 December 2019

Dear Sir,
In consultation with your Bank you may get a Gift Deed to the extent of your mother share and thus you can become absolute owner of entire property.

P. Venu (Expert)
02 December 2019

"Unable to claim tax exemption" how? Has your income tax return been rejected?


Querist : Anonymous (Querist)
02 December 2019

Thanks for your response sir.
My company is not taking my investment declaration, they are asking property papers copy as well which is there with my name

P. Venu (Expert)
02 December 2019

In my understanding, deduction under Section 24 could be availed of for 'self occupied' property and the facts posted suggest the property to be self occupied.

However, an Income Practitioner could consulted before take a decision on the issue.



You need to be the querist or approved LAWyersclub expert to take part in this query .


Click here to login now











×

  LAWyersclubindia Menu