poperty transfer and tax benefit
5 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 4 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.
Helpful
Helpful
Share
Ambrose Leo
Responded 5 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.
Helpful
Helpful
Share
NILANJAN CHATTERJEE
Responded 5 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
Helpful
Helpful
Share
Read Related Answers
Property issues
Dear Client,
Until and unless an undivided property is partitioned through a decree of partition passed by a Civil Court, a coparcener or legal heir cannot get his/her share in the said property, and...
Renting out property
Dear Client,
From the contents of the query, it appears that your mother-in-law does not possess any title or ownership of the property where she is now residing as a tenant paying the rent. So, in th...
Property acquire
Dear client, to acquire a co-owner undivided property as a third party the following are the requisites:
1. No Objection Certificate from the co-owners with respect to transfer of ownership i.e. title...
1943 DOCUMENT NOT YET REGISTARTION IN MY NAME
Dear Client,
When a property is left by a deceased owner without any will, all the surviving legal heirs and family members are entitled to an equal share in the said property. So, in the case of int...
Family Property
Dear Client,
When a registered owner passes away leaving a property intestate, i.e, without any will, all the surviving family members and legal heirs are entitled to an equal share in the said proper...
Read Blogs on Property
Property Lawyers
Find Lawyers by Location