Property recd as gift from mother
Querist :
Anonymous
(Querist) 15 November 2011
This query is : Resolved
Dear All,
Myself & my younger brother want to build a new home on a property owned by my mother which is a leased property by Pradhikaran, a body in Pimpri Chinchwad, Nidgi, Pune.
We want to take loan from bank & build the same. Since it is in our mother's name, what are the best options to avoid taxation. We want to a 3 floor flat type of structure, with one floor for myself, one for my brother & one for our mother.
ajay sethi
(Expert) 15 November 2011
if property is in your mother name your mother will have to apply for loan from bank . interest paid on laon and repayment of principal amounts would be exempt from tax as per provisions of income tax act .
Rajeev Kumar
(Expert) 15 November 2011
Simple query, rightly replied by mr.sethi
Querist :
Anonymous
(Querist) 15 November 2011
Thanks for the advise, What is the idea to have the property registered onto our names, so that later this problem does not arises at all.
ajay sethi
(Expert) 15 November 2011
please scurtinise terms of lease deed . since property is in name of your mother without consent of lessor no third party rights can be created .
obtain permission from lessor for transfer of property in your name . then you can apply for loan
