Murthy 10 January 2020

gift deed from father to son

father being owner of certain property stood as coborrower of loan with his son constructed house on 1st and 2nd floor now wants to gift his son the same
1.what has to be gifted entire 1st floor portion x..sq ft describing construction terrace etc
2. is uds applicable does he have to gift uds if 1st floor since it's not an apartment complex

Reply Follow

7 Replies

Dr J C Vashista (Advocate) 12 January 2020

Gift of the mortgaged property is invalid. Whether the loan has been repaid and mortgage redeemed ?

It is advisable to consult a local prudent lawyer for better appreciation of facts/ documents, professional advise and necessary proceeding.

Murthy 12 January 2020

loan is not through mortgage of house it's a construction loan from bank
son is paying emi from his funds he plans to claim tax benefits if house is transferred in his name hence gift deed

Murthy 12 January 2020

ground floor is mortgaged but the 1st floor constructed house which is to be gifted is free of encumbrances
thnx

P. Venu (Advocate) 13 January 2020

You are posting too many a query. What is the real issue?

Murthy 14 January 2020

iam not posting too many queries fyi ...just explaining tried to simply to the person who replied

Murthy 14 January 2020

however real issue is ground floor is mortgaged by father newly built first floor on top of it is to be gifted that's it

T. Kalaiselvan, Advocate (Advocate) 17 January 2020

If father wants to transfer only the first floor by a registered gift deed which is free from any encumbrance, he can very well partition the property into two different units, and can transfer the first floor alone with or without terrace rights, but with rights for common areas.