Anand (student) (116 Points)
18 July 2013Can anyone Guide me??
I have a house on loan and i am paying EMI.
I want to transfer such House in the Name of My MOM:
1. Can i Do so?
2. What will be the Effect of my Taxable income?
3. Can i still get benefit of interest and principle amount paid on loan in my Tax Profile?
Mihir
(Wealth Manager)
(5293 Points)
Replied 18 July 2013
There are 3 types of transfers:
1) Sale
2) Gift
3) Inheritance
I think you can only add your mom's name into the ownership of the flat as second holder.
Anand
(student)
(116 Points)
Replied 20 July 2013
In my opinion it is gift. but i want to know the tax effect of such transfer.
can any one help me????
Mihir
(Wealth Manager)
(5293 Points)
Replied 20 July 2013
Before preparing a gift deed, you will have to seek permission from the bank who has given housing loan on that flat.
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