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**The Monk** · 09-13-2013, 06:27 PM

Re: Transfer of property

Off Topic Query Approved

**aargee** · 09-13-2013, 09:18 PM

Re: Transfer of property

Provided the property is registered on both your people's name, YES, it's possible for you to pay the EMI, Down Payment or whatever monetary transactions.

Edit - On the other note, if you're selling your property (transfer is not the right word), how's your Brother going to buy it? You'll also need the sale deed; if there's no sale deed, then it becomes property gift, which attracts 40% income tax

**Divya Sharan** · 09-13-2013, 10:25 PM

Re: Transfer of property

Originally posted by aargee View Post

Provided the property is registered on both your people's name, YES, it's possible for you to pay the EMI, Down Payment or whatever monetary transactions.

Edit - On the other note, if you're selling your property (transfer is not the right word), how's your Brother going to buy it? You'll also need the sale deed; if there's no sale deed, then it becomes property gift, which attracts 40% income tax

Thanks for the reply. I'm not selling it. Its only in my name and I still have couple of years of EMIs left. I just want to register (read transfer) it to his name.

**aargee** · 09-13-2013, 11:03 PM

Re: Transfer of property

Originally posted by Divya Sharan View Post

Thanks for the reply. I'm not selling it. Its only in my name and I still have couple of years of EMIs left. I just want to register (read transfer) it to his name.

Saar, please read the note above. If you're transferring the property, it's only by 2 means; selling or gifting. There's no other way to transfer. Selling, as you're aware; gifting attracts 40% income tax from your Brother's income.

Plus according to the new RBI law of CTS 2010, the property has to be in the name of borrower or co-borrower...IF there's a loan amount. This applies even for all existing loans, not just new.

So if you're transferring the property to your Brother's name, then where's the original doco? With you or with the Bank? If it's with the Bank, BANK WILL NOT hand over the property docos to you UNLESS you clear off all your debt with the bank. So how will you even transfer?

**Divya Sharan** · 09-14-2013, 12:07 AM

Re: Transfer of property

Originally posted by aargee View Post

If it's with the Bank, BANK WILL NOT hand over the property docos to you UNLESS you clear off all your debt with the bank. So how will you even transfer?

Ya this was precisely my query. That means transferring isn't an option now unless I gift it to him.

**snehithpereira** · 09-15-2013, 01:53 AM

Re: Transfer of property

Edit: Deleted the post as I need to verify some info first.

**Cleaner** · 09-15-2013, 10:57 AM

Re: Transfer of property

I would not suggest gifting, that will attract 40% income tax. Maybe just do it informally for now, since he is your brother, there must be some trust between you guys.

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