I am a married housewife, My married boy friend loves me too much ,wants to buy a flat by taking a loan from bank for me. He wants to make me Co_ owner.
If loan from bank completed,
How can I become the Real owner of the property, is registered deed again required or gift deed required. Can society replace name without charging anything. Please advise. What is good for me.
1. ONLY Blood Relatives can purchase immovable property in their selected relatives name.
2. IF Boy-Friend purchases property in your name, THEN it would be classified as "benami property", and both of you would be liable for upto Seven years of imprisonment.
3. Boy-Friend can GIFT property to you, BUT you would be liable to pay GIFT TAX on the rateable value of the property.
4. Society in Maharashtra are liable to Charge all their Fees, to non-blood-relative Transfer of memberships.
Keep Smiling .... Hemant Agarwal
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