Deduction U/s 24 for Gifted House

Share This Thread
  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)
Draft saved Draft deleted
Similar Threads Forum Date
Income Tax: Standard deduction: FY 2018-2019 Income Tax Thursday at 11:56 AM
DEDUCTION UNDER SEC 80EE Income Tax Feb 14, 2018
Deduction us 24b Income Tax Feb 7, 2018
Standard deduction of Rs. 40000 Income Tax Feb 5, 2018
Can 15G be submitted for non deduction of tax on charges collected on technical services u/s 194J Income Tax Feb 1, 2018