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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...
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    Answered on November 09, 2017
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  • 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.

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    Answered on November 09, 2017
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  • 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.