Somnath (Senior Financial Analyst) 03 October 2013

Could a son purchase fathers property

Hi All,

My father own a flat. I want to purchase my father's flat.

Now my question is :

1) As per the law will I be eligible to purchase fathers property?

2) Will by eligible for home loan?

3) And will it be exempted under tax?

Please Advice.

Thank You.

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1 Replies

Advocate Rohit (Advocate) 04 October 2013

as per law a person can purchase property from anyone including blood relation. regarding Home Loan, Bank would be in the best position to repky whether they would consider you eligible or not based on your income and other factors. If you take the home loan then yes, you can avail tax exemption on the principal repayment plus interest repayment.

Regards,

Advocate Rohit Dalmia

9324538481

Mumbai