Income Tax Benefit
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.