If I want to transfer my share of a flat that I jointly own with my mother to my wife, what will be the costs involved? Also, after the transfer is complete can I pay rent on this flat and claim HRA exemption in my salary?


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Answered on November 09, 2017
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  • You can transfer your share to your wife by executing a gift deed. Further as the property is being gifted to wife (relative), there will be no tax liability under section 56 of the Income Tax Act. However stamp duty and registration charges needs to be paid in this case. If the gift deed is executed, any payment of rent received by your wife in respect of the said property will be clubbed in your hands and therefore no benefit will flow to you even if you claim HRA
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