Want to give away my share of property to my father
Narendra
(Querist) 27 November 2013
This query is : Resolved
Dear Sir;
My Father contributed around 9.5 lac out of 16 lac that we paid for house in my & wife;s names, rest is being paid as EMI to the bank loan of around 6 lac's.
The house is jointly in my & my wife's name.
currently because of some family issue I want to give away my share of the property back to my father. How do i do that?
I just want to remove my name and put my fathers name instead on the property for which I am paying the Loan.
Please guide us if i can do that when my wife is already a joint name in registry of property. If yes then what is process or steps to follow ? what kind of lawyer can help us in this?
Thanks
adv. rajeev ( rajoo )
(Expert) 27 November 2013
you can execute the rights relinquish deed in your father's name
Narendra
(Querist) 27 November 2013
what if wife objects as she is joint hold in said property
Rajendra K Goyal
(Expert) 27 November 2013
Otherwise, You can gift your share to your father, your wife can not object for disposing your share in the property.
Narendra
(Querist) 28 November 2013
Can I continue to pay EMI while the share is gifted to my father?
malipeddi jaggarao
(Expert) 29 November 2013
Agreed with the experts. It is between you and your father regarding payment of EMI. Bank will not have any objection. But you can not claim tax rebates on Home Loans as you have alienated property.
V R SHROFF
(Expert) 25 December 2013
in whose possession the flat is?
