Joint Ownership & Relinquishment & HRA
1 year ago
Hello
I am from Mumbai.
I live with my parents. We have two adjacent flats.
1. One flat is joint owned by my Father-Mother & me. Ownership percentage is not mentioned in the deed.
2. Other flat is jointly owned by Father-Mother, me & my brother. Again ownership percentage is not mentioned in the deed.
Since I own a house I cannot claim HRA and as such the tax outgo is substantial.
Is it possible to relinquish my share or gift my share in both the houses to my parents or my spouse?
Is it advisable to do so?
If yes, what would be the monetary transaction & Tax Implication if I relinquish my share?
And does it need to be registered and stamp duty - registration charges to be paid?
There is no loan involved.
Will appreciate any advice.
Thank You
If no ratio of share is mentioned then it will be assumed each joint co-owner is having equal share. You may get release your share and get benefits of HRA. Other quarries may be answered by chartered accountant.
Agriculture Land Purchased in Gujarat from Non-Farmer Seller
Registered legal entity as nominee of chs flat Mumbai
Sc st land purchase by obc mp dist narmdapuram
Property share
Hiring of professionals as executor of a will
