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
Deductions U/s.57 Income Tax Aug 26, 2018
standard deduction 40000/- Income Tax Aug 20, 2018
tax deduction for LIC Deposit, Self occupied house Property tax Income Tax Apr 10, 2018
Query Regarding Standard Deduction Income Tax Apr 10, 2018
income tax deduction (TDS) on payment of new home Income Tax Mar 9, 2018