House transfer

Suresh Kumar (Querist) 10 September 2022 This query is : Resolved
My wife just owned a plot and registered in her name and applied home loan thru my son after mortgaging. Construction is going on.

My son is the only one son and sole earning person in our family.
Can he get tax benefits on his salary??
If not what should we do.

Thanks and regards
Suresh kumar..J
Tirupur

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Quick Summary

A homeowner is seeking tax benefits for their son, who applied for and secured a home loan for a property registered in his mother's name. While the son is the sole earner and signed the mortgage, the property ownership lies with the wife, who is also a co-applicant. The user wants to know if the son can claim tax benefits and if it's possible to add him as a co-owner without cancelling the existing mortgage.

kavksatyanarayana (Expert) 10 September 2022
No exemption of tax as the property is in your wife's name though the bank loan sanctioned through your son.

Suresh Kumar (Querist) 10 September 2022
Thanks for your reply.
What should I do to get exemption for my son.
Can i
1.make a gift deed from my wife to sun
(Mortgage deed exists as 75 percent loan sanctioned and under construction.

Or
2.Is it possible to include my son as a co owner without cancelling mortgage.

kavksatyanarayana (Expert) 10 September 2022
1. Then gift tax will be levied. 2. Without canceling the mortgage it is not possible to add as a coowner.

Dr J C Vashista (Expert) 11 September 2022
How does the property is mortgaged by your son wherein your wife is the titleholder ?
Presumably your son is guarantor but not borrower, isn't it ?
Your son cannot claim any tax benefit out the house loan availed by your wife.

Suresh Kumar (Querist) 11 September 2022
Thanks again for coming back on this point.
No my son has applied for loan and got sanctioned.
My wife is owner of the plot/house (under construction) . She is only signed the mortgage.
Also my wife is a co-applicant for loan. That is all. We have only one son and he is only earning.
He is a Techie in softwear and in order to claim tax we started this project( his taxes are high).
Unfortunately we didn't take any legal/auditor advice before registering the property in my wifes name.

Now is their any single option to include my son as co- owner of the property without cancelling mortgage please??

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