What is the procedure to sell the property and tax liability of mother
03-Aug-2023 (In Property Law)
My mother wants to give me one flat, which is self acquired property ( home loan is in my wife's name) and another flat to my brothers. I want to sell that flat , what is the procedure and tax liability of my mother.
If the home loan is in the name of your wife, then her NOC is important before you create any third party interest in the property even if the property is in your mother's name. If your wife gives the NOC then you will have to execute a sale deed but there is less chance of the property being sold if the buyer finds that EMIs have not been completed yet through Encumbrance certificate.
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