poperty transfer and tax benefit
6 years ago
I got a house on my name on 100% loan. I am claiming tax benefits on it. Now i want to add my wife as co-owner 50% plus co-borrower in loan 50% so that to extent of her share she can claim tax benefits. She and i will pay EMI to the extent of share..There is no consideration paid by me for property .Everything is on 100% loan.
How wife can be added as co-owner and co-borrower? Whether she can claim tax benefits if make gift deed and add her as co-borrower with bank?
Deepak Yashwantrao Bade
Responded 5 years ago
A.dear client in your matter It requires devotion of special time for your case and to figure out the possible ways to deal with your requirements.
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Ambrose Leo
Responded 6 years ago
A.When the Housing Loan is in your name 100% How can you claim the co-owner 50% and claim tax benefits to the extent of 50%. It is complicated issue involving IT Authorities, it is better to consult a Taxation specialist or Taxation Lawyer to guide & help you.
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NILANJAN CHATTERJEE
Responded 6 years ago
A.Is the purchase deed registered? If registered then is your wife a co owner of that property? If not so then make a rectification deed and add her name to that property as an owner of that property. Then opt to apply for loan
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