Gift of House property to Mother

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Ravi Kiran (Querist)
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18 October 2008 Dear Sir,

My brother has purchased a house no 1 in 2007 by taking housing loan
suppose if he wants to purchase house no 2 and if he Prepay the loan of house no 1 and gift the house no 1 to the mother in the year 2009
My query is as follows.
1) Than whatever the deduction he has availed will be added back to his income and will it be taxable since he is gifting the house no 1 to the mother whithin 5 years from date of purchase

2) If he purchase the house no 2 by taking housing loan than can he treat this house as SOP if yes than can he avail the deduction U/S24 and 80C i.e. total amt Rs 2,50,000/-as per the both section mentioned

3) Suppose the my mother has given the house no 1 to rent which she has got from my brother by gift than the Rental income will be clubbed in the income of my brother

Regards

Ravi Konda

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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18 October 2008 1)yes. taxable.
2)yes. 24 and 80 C can be claimed.

Ravi Kiran

Ravi Kiran (Querist)
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18 October 2008 Dear Sir,

Did you mean to say that if he gifts the house before the completion of 5 years it will be taxable i.e all the deduction which he availed will be added back if it is so than how can one can avail full tion U/S 24 and 80c for the house no 2 if my brother does not intend to gift the house to my mother and want to purchase

Regards

Ravi Konda

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 April 2012 In that case he has to treat one of the house properties as self occupied and the other as deemed to be let out.

Notional rent from the property deemed to be let out shall be taxable and he will get the deduction of interest and principal repayment.

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