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Housing loan on gifted property

visu iyer (mentor) (833 Points)

13 October 2021

my uncle is owing a house and paying housing loan.

now he gifted the property on me.

can I now claim the housing loan interest from the date of transfer, because the ownership is transferred.

please advise

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6 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 13 October 2021

It seems the house is not registered in your name, As without closure of the home loan, it cannot be transferred.

If bank has approved the loan to be transferred in your name, go ahead, no issue.

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 13 October 2021

It cannot be transferred

visu iyer (mentor) (833 Points)
Replied 13 October 2021

I remain the owner once gifted with gift deed registered with registration department, why not I can claim, any specific section to support not eligible to claim deduction on interest on housing loan

sabyasachi mukherjee (26039 Points)
Replied 13 October 2021

1. title to the house property does not pass to person whom the gift has been made.
2. the deed has to be officially registered in his name.
3. mutation in his name.