Buying a property
Prem Dhawan
(Querist) 25 September 2018
This query is : Resolved
Can I buy a property (residential, commercial, farm house/agricultural) in the name of one of the parents but with my (earned) money?
And later have that property transferred/inherited from the parents to me?
By way of Will?
Relinquished by other legal heir after demise of the parent?
Thanks you.
Dr J C Vashista
(Expert) 26 September 2018
Looks like an examination question paper lacking full facts of the case.
Guest
(Expert) 26 September 2018
Anything and everything is possible. But be aware, any possible thing can get impossible tomorrow. So, no guarantee about your adventure. Please don't mind, can you guarantee that you can live even up to the death of your parents?
Prem Dhawan
(Querist) 27 September 2018
Can I buy in the name of father or mother with my money?
Can father/mother write a Will in my favour (immediately)?
I don't mind if I lose (exclusive rights on) this property because I die before my parent.
Prem Dhawan
(Querist) 27 September 2018
Related question:
Will this (above) property, which I will get by way of Will from my parent(s) to me, be called as inherited property?
Hemant Agarwal
(Expert) 27 September 2018
1. It is possible to purchase property in name of parents, with your money. HOWEVER you will still be the defacto owner in your income tax records. This CANNOT be circumvented.
2. BECAUSE of the above the said property CANNOT be called as inherited property. However your children can claim such property as inherited property.
3. Parents can execute a will or donate the property in your name /other legal heirs /Trusts /NGO, which will be effective only after their demise.
4. Receipt of property via will, is not going to give you any income tax benefits, due to point no. 1.
Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com
Prem Dhawan
(Querist) 28 September 2018
Thanks a lot Mr Agarwal for the excellent and to-the-point reply. It indeed made me smile :)
This is how a reply from an expert should be.
Thanks again.
