Usha Y Nayak (Assistant professor) 24 March 2013

Transfer of land from mother to son

Dear Sir/madam,

Suppose mother (69 years old, 3 sons + 1 daughter) started buiding a new house using capital gain (got by selling the land) to exempt from capital gain tax (CGT) and the money is not sufficient to complete the house. Her younger son wants to take housing loan for the same under construction house so that he can claim tax benefit to his annual income & will stay in that.

But the land and under construction house is registered on mothers name.

1) whether it is possible to transfer the under construction house on younger son's name?

2) Is there any law that mother has to enjoy the CGT exempted money/house for 3 years, it can not be tranfered? but house is not completed.

3) Is there any option that CGTexempted money investment on house by mother (land & house plan approval is on her name) as well as son can take housing loan on the same house?

please give suggestions.

Thank you.

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3 Replies

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 24 March 2013

Capital gain amount can be spend on her own house construction. So that tax will be exempted. your younger brother cannot take loan on mothers name property.

Usha Y Nayak (Assistant professor) 25 March 2013

Dear Sir,

Is there any option that the house can be shared between mother and son (50% each) and housing loan be taken. so that house will belongs to mother also.

Thank you.

Suparna (Sr. Engineer ) 25 March 2013

Dear Sir/Madam,

My father was dead before 2 n half year. we are 3 sisters. my 2 sisters are married. now the problem is, we have a one banglow on my father's name. so how can we transfer our banglow on mi or we all 3 sisters. so plz guide mi what i have to do now...???