Property is owned by my mother. We are planning to demolish our old house and construct a new building. Bank is asking me to be a co-owner of the property if I need tax exemption.
Please answer my below question.
I have a younger brother too. Can my mother gift deed the property in both the sons name? What are the proceduces and the charges for gift deed of property?
I'm going thru a troubled marriage and have been seperated by my wife for 2 years. I fear that my in laws might take this as an opportunity to claim property rights. Will there be any complications in future?
Is there an alternative to get tax exemption without having the property in my name - considering my marital complications?
1. dear your mother can gift the property to both of you but she cant gift more then 1/3rd of the total property she have in ownership.the procedure is simple for gift deed and can be done within few days.
2.you are true her i n laws can claim for alumony from the property but its not that 1. her right only arose when you get some property from gift deed or you earned, she had right to recover her alumony from the share of yours in undivided and coparcenery property.
3.there is no procedure to get tax relaxation by considering marutal complication even i am surprised which bank is giving you tax rebate on showing the co- ownership of a house?