Deduction U/s 24 for Gifted House

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  1. Aakash Agal

    Aakash Agal New Member


    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.

  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)
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