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Doubt on gift deed

Querist : Anonymous (Querist) 30 November 2019 This query is : Resolved 
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.
Report Abuse
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,
Sankaranarayanan (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 KALASKAR (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.

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