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Date : Aug 5, 2009

Question

I had taken a home loan for a property under construction and possession is due in March 2010. The loan amount was 32.5 lacs out of which balance to be paid is about 26 lacs. However the same builder has come up with another project in the same campus. I would like to book a flat in this property. My wife's brother is keen to get my previous flat transferred to his name, that includes the balance home loan. He is willing to pay me a cheque for the amount that I have already paid towards my loan.This cheque amount I want to use as down payment for the second new property. My question is - Can the property papers be endorsed in my brother-in-law's name when the property is still under construction? Secondly the cheque that he will give me for the amount that I have already paid as EMI's, will be taxed ( either for him of for me)

Answer

You can sell the property to your brother. But, a home loan cannot be transferred. You will have to pay off the loan to sell the flat.

 

 

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