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Author Topic: Ammendment of Co-Owner in property  (Read 229 times)

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Offline StirCrazY

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Ammendment of Co-Owner in property
« on: March 01, 2016, 10:32:16 PM »
Hi,

I need some legal advice with a situation I have.

My wife and I have recently bought an apartment in Bangalore.The apartment is registered with both of us as co-owners and my wife being the primary owner.
We have taken a loan from the bank as co-applicants.

Now, my father has sold his property and would like to invest that money and avoid paying captial gains tax.

In order to do so, I want to sell my share of the property to him and use that money to pay off the outstanding loan and add him as a co-owner with my wife.

In this context, I have the following questions:

1. Will I incur any captial gains tax if I sell my share of the property to him?
2. What is the process to transfer my ownership to him? Do I have to register the property again? What will be the charges for this?
3. The Khata transfer in our name is still not done, should I first do Khata transfer and then proceed with the sale?
4. Can I pay rent to my father and claim HRA tax exemption?

Thanks in advance for your help.

~S

Offline adv.amarnath

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Re: Ammendment of Co-Owner in property
« Reply #1 on: March 06, 2016, 01:27:28 AM »
1. Will I incur any captial gains tax if I sell my share of the property to him?
You have to consult Tax consultant.

2. What is the process to transfer my ownership to him? Do I have to register the property again? What will be the charges for this?
You and your wife can transfer jointly transfer 33.33% undivided share of total property in favour of your father. Then three of you will be owner of that property.

3. The Khata transfer in our name is still not done, should I first do Khata transfer and then proceed with the sale?
It is irrelevant. Better after Gift Deed.
 
4. Can I pay rent to my father and claim HRA tax exemption?
No.
Regards,

Amarnath Sanyal
Advocate
Email - adv.amarnath.sanyal@gmail.com
Mob - 09830303322

 

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