Gift from Son to father of immovable property.
Son has one property against that he has taken the loan from the bank.Now son wants to gift the same to father.
is it possible to gift that property even papers of that papers are already with paper?
if yes then what would be the treatment of liability. to be paid by the father or son?
Request your reviews on urgent basis
Bank may agree provided the EMI will continue to be paid by the son. The father may not have income to support the EMI. The son will also lose the deduction that he might be availing in his IT return u/s 24, because he will no longer be the owner. He may try to prepare an agreement between the father and the son stating that since the father does not have any income, the son shall be responsible to pay the EMI and he may avail the deduction u/s 24 in his ITR.
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