Dear sir,

I availed a housing loan from canara bank and constructed a house in my mothers property.

I am paying the FULL EMI. I am not the co-owner of the property but the co-borrower in the loan.

Now I am not able to claim the income tax.

My question is

1) If I transfer the property to my name from my mother through gift deed. Can I get the tax benefit?

2) I contacted a lawyer. He says that after transferring the property to my name.
I have to mortgage the property again with the bank.But the property is already in mortgage with the bank.

Can I avoid the re-mortgage because it will cost more money?

My mother is ready to transfer the whole property(100%) to me through gift deed

since I am ready to transfer my another property to my brother as a equal settlement.

Looking forward for your reply.



Posted 2 years, 3 months ago by sathish kumar sivashanmugam

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