Karan K 01 August 2018

Property gift deed and taxation query

i want to add my name as co owner in property which is currently owned by my mother.i am living in gujarat.There is also current loan pending hence all property documents are with bank.
so how is it possible?
is it possible if she gives me property in gift deed by 100 or 500 stamp paper or i need to pay regisration fees for this. please advise.

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9 Replies

Anil Upadhyay (Lawyer) 01 August 2018

please go for will and get it registered or you can move for gift deed but property will be given to you after repayment of bank....

Karan K 02 August 2018

Thanks Mr. Upadhyay for your reply.
you mean to say if i get property after repayment of loan. so can i get the tax benefit or not if i get my name added as co applicant ?

Karan K 02 August 2018

co applicant in loan and gift deed by 500 rs stamp paper for property owner *

Anil Upadhyay (Lawyer) 02 August 2018

For getting taxation benefit you have to go for deed and involve bank too, after bank formality name will be changed and you will be able to get benefit...

R.Ramachandran (Advocate) 02 August 2018

You have to come clear on facts. Which tax benefit that you are having in mind?

Karan K 02 August 2018

Home loan tax benefit under 80 C , capital repayment. and another query is 1) do i need to pay any tax for recieving property as a gift from mother valued more than 50,000 ? and if yes what are the taxes i need to pay.

R.Ramachandran (Advocate) 02 August 2018

When the property is being gifted to you - where is the question of any home loan being taken for that - and consequently how does the question of any tax benefit under Sec. 80C of I.T. Act, arises?

It seems that you are under some misunderstanding.

R.Ramachandran (Advocate) 02 August 2018

When the property is being gifted to you - where is the question of any home loan being taken for that - and consequently how does the question of any tax benefit under Sec. 80C of I.T. Act, arises?

It seems that you are under some misunderstanding.

Karan K 11 August 2018

Mr.Ramachandran, if the property is gifted to me but there is already home loan taken for that property and which is yet to be paid. So i am repaying the loan, hence can i avail tax benefit unde 80C for principal repayment ? And if not then please advise forward path for this case.