Hi,
I am recently married. My husband bought a flat in Mumbai 2 years ago, which is in his name with his mother listed as second owner. The bank loan is also in their joint name, though payments are made by my husband only.
We are considering transferring this to our joint names. I have the following questions:
1) If the loan is transferred to both our names, and both of us pay 6 EMIs each, can both claim tax benefits against principal and interest paid from our respective accounts?
2) If the loan is to be transferred to our joint names, does that mean the property also needs to be transferred to joint ownership between him and me, or can it continue to be in his and my mother-in-law's name?
3) If we wish to change the second name on the property agreement from my mother-in-law to me (first name will be my husband's in both cases), do we have to pay stamp duty all over again? What other charges would we incur?
