Legal Question in Real Estate Law in India

hi.we have a plot in gurgaon in my mother's name. we are selling that to buy two properties in bangalore. First property will be half invested by me and half out of property sale money. second will be completely out of property sale money.
can she buy the first property in my name as i am paying half of the new property.?
Can we be co-owners in the first new property?
can i take a home loan if we buy the first property in her name?
can we divide the property sale amount and buy two properties in the same city - one in my name and one in hers?

Asked on 2/20/13, 1:30 am

6 Answers from Attorneys

Sanjay Kalra Sanjay Kalra & Associates

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The answers to your queries are here in below:-

1) Yes

2) Yes

3) Yes , but if she allows to give and mortgage the property papers

4) Yes, if she is willing to give you the money.

Please check Sanjay Kalra and Associates on the internet to know more about our law firm and the legal services we are rendering for our clients from all over the World.

Answered on 2/20/13, 1:34 am

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Global Legist Advocate & Legal Consultants

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Sir,

The sale amount from the property is your mother's assets. During her life time she can use the said money as per her will. If, she is willing to invest the money with you or for you, the transaction will be valid.

As far as home loans are concerned its favorable to check additional specification from the bank.

Global Legist

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www.globallegist.com

Answered on 2/20/13, 10:33 am

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Jayesh Desai Jayesh Desai

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You shall be liable to pat Capital Gains Tax, if you go ahead as per your plan. You need to consult a lawyer before you implement the idea of purchasing two properties. By sale of one house property - an assesses can buy only one house property. Second property shall attract Capital Gains Tax. Other then this there is no bar, you can do anything.

Answered on 2/22/13, 9:21 am

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Rajiv Chandhok Ph: +919810050896 https://www.linkedin.com/in/rajiv-chandok-0827b733/

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For all the answers except No.3. I agree with Mr. Kalra. You cannot take a home loan on that property in your name. However no capital gains tax is applicable if you invest the gain of the property sold and buy (both only in case of residential properties) within a period of one year. However do get a thorough due diligence of the properties done before you buy any property and prepare the sale deed yourself and do not depend on any broker as any error in the sale deed could cause to devalue the market price of the property you buy.

Answered on 3/01/13, 3:45 am

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