Suresh (IT Consultant) 23 October 2009

Regarding Gifting and purchase

Hi,

Let me first thank all for clarifying my previous queries. I had a couple of followup queries.

1) My brother owns an apartment and is paying emi for the homeloan. If i want to purchase the same from him, what is the minimum value that he can sell to me for?

2) I also own and apartment with complete home loan cleared. Can i gift this apartment to him? What is involved in doing this?

3) I am sure that i will need a property lawyer for all this. If yes, is there anybody on this forum who can help me proffesionally end to end in this matter in PUNE?

Thanks in Advance.

Suresh.

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4 Replies

Saket Gandhi (advocate) 24 October 2009

Hi Suresh,

Firstly ...U own a flat and your brother also owns a flat.. another thing here is that u have no loan on your flat while your brother is yet to clear the loan advance to him...

Now i suppose query no.1 connected to query no.2.. if yes then please let me know so that i can suggest accordingly...

Thanking you,

Saket Gandhi

Suresh (IT Consultant) 24 October 2009

Hello Saket,

Thanks for goung through my post and your reply.

Yes,thats right, He owns a flat but still has a home loan where i dont have a home loan on my flat. And yes both my queries are connected. And since he going through some difficulties temprorily, i wish to help him out by transferring my flat to him and also let him have extra cash by buying out the flat. I assume this is a win-win for both of us since i am in good posiiton to take up a loan.

Hoping this simplifies....

Thanks

Suresh