Results for #co-owner
Legal
#2bhk#flat#pune#possession#loan
We have recently purchased a 2BHK flat in Pune but we are yet to get possession of the flat. Me and my husband, we both are the co-bearers of the loan but we are not the co-owners of the flat. The builder has not yet prepared the sale deed of the flat but the registered agreement of the flat is with the bank. We wanted to know which is the most convenient way by which we can get me as a co-owner of the property before we get the possession of the flat so that we can claim tax benefits under Section 80 C.
We have recently purchased a 2BHK flat in Pune but we are yet to get possession of the flat. Me and my husband, we both are the co-bearers of the loan but we are not the co-owners of the flat. The builder has not yet prepared the sale deed of the flat but the registered agreement of the flat is with the bank. We wanted to know which is the most convenient way by which we can get me as a co-owner of the property before we get the possession of the flat so that we can claim tax benefits under Section 80 C.
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Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You can enter into a tripartite agreement with the developer inter alia in respect of the flat and which tripartite agreement could also be the sale deed which can be executed prior to the completion of the construction of the property or in the alternative an agreement can be made between the husband and wife whereunder the husband transfers a proportionate undivided interest in the flat in fa...
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Society Matters
#flat#registered#co-owner
I have flat which is already registered under my name. How do I add my spouse's name as a co-owner of the flat?
I have flat which is already registered under my name. How do I add my spouse's name as a co-owner of the flat?
Answered on November 08, 2017
It is assumed that you want to add your wife's name as an equal owner in the property. If yes, then you can gift undivided share of a flat to your spouse by executing a gift deed to the extent of 50% and make relevant applications to the society for adding her name in the society records
Legal
#construction#co-owner#property#procedure
I have a house which is under construction at this moment and I want to make my friend partner or co-owner of the property. Is it possible to do so? If yes, what is the procedure?
I have a house which is under construction at this moment and I want to make my friend partner or co-owner of the property. Is it possible to do so? If yes, what is the procedure?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
If the property is under construction then depending on the terms of the Agreement between you and the developer, you may execute a Sale Deed for such proportionate of your undivided interest in the house unto and in favour of your friend.
Legal
#buying#loan#co-owner#flat#deal
I am buying my second house on 80% loan. This loan is to be taken on me and my wife's name, who is a housewife. She is also the co-owner of the flat in the papers. In this deal, I am going to pay the entire EMI for the loan, with regards to this can I claim the entire interest benefit? The entire interest amount against my salary?
I am buying my second house on 80% loan. This loan is to be taken on me and my wife's name, who is a housewife. She is also the co-owner of the flat in the papers. In this deal, I am going to pay the entire EMI for the loan, with regards to this can I claim the entire interest benefit? The entire interest amount against my salary?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
The fact that the entire payment for the flat is going to be made by you and also since the EMI is going to be paid by you from your salary, you alone would be entitled to claim the benefit of the payment of interest in your income tax returns and more so since the income of husband and wife are clubbed by the income tax authorities in most cases.
Taxes & Duties
#ancestral#property#mumbai#co-owner#loan
I want to renovate my ancestral property. This property is in my father's name and is in Mumbai. I want to know the most cost-effective way to become the co-owner of this property and claim income tax deduction for the loan borrowed for renovation?
I want to renovate my ancestral property. This property is in my father's name and is in Mumbai. I want to know the most cost-effective way to become the co-owner of this property and claim income tax deduction for the loan borrowed for renovation?
Answered on November 08, 2017
If the said property is your ancestral property then the same is a property of HUF and you are co-owner to the same.
However, if it is property of your father in his individual capacity then the most cost effective way is to make a gift deed and thereby transfer partial ownership as the gift so received will not taxable under the provisions of the Income Tax Act. The Stamp duty and registr...
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Legal
#co-owner#sell#property
Is a co-owner of a real estate allowed to sell his share of the property?
Is a co-owner of a real estate allowed to sell his share of the property?
This question has not been answered
Legal
#co-owner#property#process
What can be done to make my spouse the co-owner of the property? What is the process?
What can be done to make my spouse the co-owner of the property? What is the process?
This question has not been answered
Purchase & Sales
#flat#co-owner#loan#paid#registration
I purchased a flat with my brother as a co-owner, to strengthen my chances of getting the loan approved. I paid a fee for the registration. Will I have to pay the registration fee again if I get the flat transfered on my sole name? If yes, what would be the amount?
I purchased a flat with my brother as a co-owner, to strengthen my chances of getting the loan approved. I paid a fee for the registration. Will I have to pay the registration fee again if I get the flat transfered on my sole name? If yes, what would be the amount?
Answered on November 08, 2017
Registration charges of 1% of agreement value shall need to be paid again, plus in case of a gift from one brother to another, it will be treated as a gift deed and 3% stamp duty of agreement value shall also need to be paid
