Manoj 05 November 2016

Removal of co-owner name from agreement

I am having a flat in joint name between my self and my father. Since i am the co-owner of the flat, i am unable to take tax benefit in terms of HRA. So my planning is to remove my name from the agreement. Then my father will be the only owner of said flat so that i can claim HRA benefit. I have already closed my home loan from bank.

Please advice how to proceed on this matter.

Secondly what is the benefit for property transfer in blood relation?

Thirdly what to do in case of my father death after transfering property?

Reply Follow

2 Replies

Kumar Doab (FIN) 05 November 2016

You have posted that:

"Since i am the co-owner of the flat,............... my planning is to remove my name from the agreement. "

You have ownership of the said flat by sale deed or have just signed an agreement to sell?

Agreement ot sell does not confer ownership and hence any benenfit that come with ownership.

Kumar Doab (FIN) 05 November 2016

Believing that you are owner ( Co-owner);

Gift/sale/relinquishment/transfer etc by a valid/registered deed are options.

Inquire charges in case of blood relation in your state from SRO. It is state subject.

Your father can leave a WILL, preferably registered. In presidential towns e.g; Mumbai,Chennai, Kolkota it is mandatory to probate the WILL. Consider it if applicable and Inquire charges.