Results for #salary
Taxes & Duties
#transfer#flat#costs#involved#rent
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?
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 08, 2017
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...
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Legal
#ancestral#property#flat#salary#transferred
My wife and I do not have any ancestral property, we just have one flat that was bought from our salary income. We are senior citizens now and want this flat to be transferred to our daughter's anem. We have also financially supported our two sons in buying their flats. Now do we need to execute an explicit concurrence with our sons or can we directly transfer this property to our daughter's name?
My wife and I do not have any ancestral property, we just have one flat that was bought from our salary income. We are senior citizens now and want this flat to be transferred to our daughter's anem. We have also financially supported our two sons in buying their flats. Now do we need to execute an explicit concurrence with our sons or can we directly transfer this property to our daughter's name?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You could gift the Flat to your daughter, if your two sons agree and can join them as confirming parties in such gift deed. However, if they object for such gifting of the flat in view of their having paid monies to you for acquiring the flat, then it will depend on whether such monies were given as loan or whether the same were paid to the seller at the time of acquiring such flat.
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.
