Q:Hi, My society is undergoing redevlopment and the property is currently in the name of my parents which are aged 58 & 51 respectively. I am planning to purchase 200 sq ft extra area costing around 45lacs for which we will have to take a loan of 35 lacs. Can i take a home loan without getting the property transferred in my name and claim the tax deductions. Will the bank sanction loan for my parents at this age. any other process can be followed to buy the extra area. Thanks Piyush
Latest Answer: Thanks Ashsish & Deepankar for replying.
Will i or my parents incur any tax liability(Gift Tax/LTCG) apart from stamping & registration cost for gift deed.
Also instead of transferring the property now in my name can my name be added while making redevelopment agreement with builder (as the builder will make an agreement with us for free area and extra area to be purchased).
Thanks
