Kishore (LE) 23 August 2012

Constructed house shared by brothers

Hi All,

Please reply my query. Thanks in advance.

1. My brother is holding a land with 3 floor constructed house in his name & his wife's name with home loan from ICICI bank. I supported him on construction, now loan is fulley disbursed & the house is ready with 3 floor. The properties is in Bangalore.

2. We want to do the registration, Is it possible to do a GIFT DEED of 50% of the properties? Or any suitable way of deviding the properties in 50% share between me & my brother. How much %age will be the registration cust.

3. Me & my brother is having same salary for the repayment capabilities. If it is needed we can take banks permission for same.

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2 Replies

S Jadhav 98336 98330 (Jadhav & Associates) 23 August 2012

Since the property is in the name of your brother and his wife, they can get the loan and repay the same as owners.

They can execute a gift deed in your favour for 50% and you can become owner of half the house. the gift deed will have to be stamped as required (2%). However, you will not be able to get tax break on your loan if you get it as gift from your brother.

It may be better if you buy it from your brother and take a loan from a bank or a home finance company. You may save more in this. but please do the calculations before you decide and you may also take help of an expert.

S Jadhav