Purchased property in Joint ownership with mother

846 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...

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
25 June 2026
AUDIT MANAGER

JDAS & ASSOCIATES

New Delhi

CA

View Details
Company
20 June 2026
Assistant Accounts Manager

Fintax Professionals

Gurgaon

CA Inter

View Details
Company
ARTICLESHIP 18 June 2026
Article Assistance

RB KESHRI & CO.

Mumbai

CA Inter

View Details
Company
22 June 2026
Accountant

Global Image Technologies Private Limited

New Delhi

MBA

View Details
Company
20 June 2026
Chartered Accountant

ANV & Company

New Delhi

CA

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
24 June 2026
HEAD - AUDIT AND TAXATION

A R JADHAV AND ASSOCIATES

Mumbai

CA Inter

View Details
Company
16 June 2026
Sr. Associate / Assistant Manager | TAS / FDD

Boutique Investment Bank & Transaction Advisory Firm

Gurgaon

CA

View Details