Q: My wife wants to gift me 50% the property(land) which she owns and we jointly took a home loan to construct the house . I could not take tax benefit on the interest portion of the loan as I am neither the owner nor the co-owner of the house.That why gifting the property is one of the solutions for this.1. Just needed to know approx how much total time it takes if I pursue for the stamp duty and registration in case of gift deed ?2. Original documents of the property are residing with bank. How should I proceed ?3. If my wife gifts me half of the property, then on registration will my name be added as a co-owner of the house?4. Now if I become 50% owner of the house, will I be able to take the 100% interest portion tax benefit of the home loan as my wife is not working anywhere and neither she is paying the EMI of the loan?5. Preoperty is in Lucknow. what should be the percentage of the total cost of the house/land should be considered for stamp duty and registration separate
If your wife gifts you half of the property, then you can register with both as co-owners for the property. But I don't feel you can enjoy tax benefit of 100% interest portion as Home loan has been already granted in your wife name. You can seek your financial expert advice on the same for getting tax benefit in near future as you are willing to share the home loan.