Can 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?
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.
In my opinion it is gift. but i want to know the tax effect of such transfer.
can any one help me????
Before preparing a gift deed, you will have to seek permission from the bank who has given housing loan on that flat.
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
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