sathishkumar 08 June 2015

Income tax benefit

Dear sir,

I need your help on my following situation. I availed a housing loan from canara bank and constructed a house in my mothers property.

I am paying the Full EMI. I am not the co-owner of the property but the co-borrower in the loan.

Now I am not able to claim the income tax.

My question is

1) If I transfer the property to my name from my mother through gift deed. Can I get the tax benefit?

2) I contacted a lawyer. He says that after transferring the property to my name.

I have to mortgage the property again with the bank.But the property is already in mortgage with the bank.

Can I avoid the re-mortgage because it will cost more money?

My mother is ready to transfer the whole property(100%) to me through gift deed since I am ready to transfer my another property to my brother as a equal settlement.

Looking forward for your reply.

Thanks,

Sathish

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1 Replies

KHIRUBHAANATHAN (Director) 23 June 2015

Transfer of property by the vendor paid entire capital gains tax, please clarify whether the confirming party is also required to pay the same again for the same property sale.