Purchased property in Joint ownership with mother

Tax queries 782 views 3 replies

I am planning to purchase a flat. I want to give my mother name in it as a joint owner. I will be making the complete down payment from my bank account (using my salary income).

For the rest amount, I will be availing home loan from bank for this flat where my mother will also sign as co-applicant in loan document (as she will be a joint owner in this flat).

I will be paying all the EMIs as mother is a housewife. Since mother is a housewife, she will not make any contribution in payment.

We will use this flat as our home(self occupied property).

Will this transaction comes under Benami act? (As I will make the entire payment but purchasing property in joint ownership with my mother. My name will be there in property as joint owner).

I have read that if property is purchased with parents in joint ownership where son is making the entire payment from his known source of income then this is not a benami transaction.....right?

Replies (3)
  1. No. Not right. Mother or any family member can be joint owner for safety purpose.

In my case then this will not be a banami transaction....right? As I will make the entire payment and will give mother name in joint ownership.

But from seller TDS dedcution point of view, will have to deduct tds from mother PAN as well as she will be a joint owner...right?

  1. Right.
  2. Yes...


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details
Company
Featured 14 March 2026
Article Trainee

N N V Satish&co

Hyderabad

CA Inter

View Details
Company
Featured 12 March 2026
Customer Relationship Executive

TAXLET

Calicut

B.Com

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details