Tax deduction for repayment
This query is : Resolved
CA Anand Sarda
(Querist)
10 February 2010
Dear Friends,
I have taken a home loan and paying the EMI. But the property for which i have taken home loan is in my mother's name and she is co-applicant in the loan application.
THe issue is, under income tax, the person having the ownership only can take the deduction under 80C of IT Act.
So now i want to transfer the house in my name.
So can anyone suggest me, how can i transfer the house in my name in a very best manner in terms of cost and convinience?
or can any one suggest me any other way to get the tax exemption?
I have taken a home loan and paying the EMI. But the property for which i have taken home loan is in my mother's name and she is co-applicant in the loan application.
THe issue is, under income tax, the person having the ownership only can take the deduction under 80C of IT Act.
So now i want to transfer the house in my name.
So can anyone suggest me, how can i transfer the house in my name in a very best manner in terms of cost and convinience?
or can any one suggest me any other way to get the tax exemption?
Aditya Maheshwari
(Expert)
11 February 2010
Mother can gift you the house property. There will not be any tax on giving gift by mother to son. However you will have to pay stamp duty on transfer of the property as per the prevailing rates in the state of residence
Aditya Maheshwari
(Expert)
11 February 2010
Mother can gift you the house property. There will not be any tax on giving gift by mother to son. However you will have to pay stamp duty on transfer of the property as per the prevailing rates in the state of property
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