Deduction U/s 24 for Gifted House

Share
Share This Thread
  1. Aakash Agal

    Aakash Agal New Member

    Hi

    I got married this year & my mom want to gift me a Home that she bought this year itself. The value of the property is 60.00 Lac & there is a outstanding loan in my mom's name of 46.00 Lac.

    I need the following information over the above case
    1. What is the stamp duty levied for Gift Deed in Gujarat
    2. If after the property is gifted to me & i start paying the Loan outstanding amount will i be eligible to claim the Interest deduction U/s 24 & Principal deduction U/s 80C.
    3. Will it be required to transfer the loan also in my name based on the Gift Deed.

    Thanks
     
  2. nafeesa

    nafeesa Member

    Yes.Obviously u can claim deduction u/s 24 & 80c for such loan repayments.
    More over this gift is not taxable and exempt from tax u/s 56(2)
     
Draft saved Draft deleted
Loading...
Similar Threads Forum Date
Whether deduction u/s 54 is available for capital gains arising from sale of more than one house, ho Income Tax Nov 17, 2017
Deduction of Home Loan for under construction property Income Tax Nov 14, 2017
Deduction under Section 80 D Income Tax Nov 14, 2017
Medical expenses tax deductions Income Tax Nov 6, 2017
Deduction u/s80D Income Tax Oct 3, 2017