Housing Loan

POSTED BY Prijesh Janardhanan ON March 13, 2013 4:54 pm COMMENTS (4)

The property is owned by my mother, my borther had applied for loan for consturction and loan was alloted by LICHFL. The loan was provided jointly in name of my mother and brother though my brother is paying the whole loan. My brother had claimed income tax benefit for 5yrs and it was granted, now it is been rejected stating that my brother is not the co-owner of the property and he cannot claim income tax benefit. My mother is ready to gift the property to my brother and am ready to give the NOC. Having such scenario can my brother claim the incometax benefit with Gift Deed in his name. If not is there any way out. Request your reviews on the same. Thanks all in advance.

4 replies on this article “Housing Loan”

  1. Thanks a lot for your support.

  2. Dear Prijesh, as your mother is sole owner of the property in question, as on date, your brother can not claim tax benefit on it. To claim the benefit, he should be the owner of the property. yes to make him owner, your mother can gift the property to your brother but in this case the consent of Bank ‘ll be required as the property in question is mortgaged as on date with bank. Once the property is gifted, based upon the gift deed, register the property in the name of brother in the office of property registerar. On the basis of this registration, your brother can claim his tax benefit.

    You are not into the picture hence your NOC is not required at all.



  3. Hi Ashal thanks for your reply, the house was purchased by my mother from holder of title deed owner. If my mother is gifting the same to my brother then should I provide a NOC or not am not sure about these real estate jargons. My intention was that there should be no issue for my brother in future from my family.

    Sir I would like you to study and please let us know so that we are legally bound and my brother has oppurtunity to claim IT benefit for the loan he has taken.

  4. Dear Prijesh, how did your mother become the owner of the property? Was it her own purchase or received from her parents? Where do you come into the picture to give NOC. Please clarify.



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