18 March 2011
Sir, The land was in my name now and i received it through my grandmother after her death.
Now we are planning to construct the commercial complex in that land. Is it possible to transfer the property to my brother as gift without showing it as Capital Asset Transfer, and he will take loan from the bank and start construction,
All this is to save the tax of my brother (only salary income) who was paying tax of 30000 yearly. I was not earning at present as i was studying.
and guide me the procedure to be followed if there is any other alternatives,
is the loan amt with interest can be claimed under House property in my brothers Return? if so what is the limit.
22 March 2011
Why dont you both own the property and enjoy the tax benefit. 50:50, If you are own brothers, you can plan and you both can enjoy the benefit.
You both apply for loan and construct a property. You both can claim Rs.1,50,000 each in your return. If your brother alone gets loan then only Rs.150000 alone can be claimed.
CAclubindia
