Can my father buy me a house in India?

10 Answers. 1. father can pay substantial amount in purchase of flat. … according to new benami property act, a person can pay or purchase a immovable property in name of his son or daughter (whether married or unmarried) and it does not come under banami property.

Can I buy home from my father in India?

– Yes, legally you can buy a property from your father. … – If the said property is mortgaged , then bank will give you a housing loan for the purpose of purchase of the property which will be equal to the agreed-upon purchase price minus whatever down payment you are making to your father.

Can parents buy a house for their child in India?

Any individual, domiciled in India, who has not attained the age of 18 years, is referred to as a minor. … Yes, parents can jointly buy property in name of the minor provided the contract is signed by the parent as his/ her natural or legal guardian on behalf of the minor.

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Can my dad buy me a house?

A parent can: Purchase a home outright to give to a child. Enter into a shared equity agreement with the child. Give the child financial advice and guidance to get a loan on their own.

Can children buy home from parents?

Your parents own the home outright, and you can purchase it with cash or take out a new mortgage. The mortgage isn’t paid off, but the loan is assumable, meaning you can take it from your parents and pick up the payments where they left off. The mortgage isn’t paid off and the loan is not assumable.

How can I buy my dad a house?

You can get a home loan to buy your father’s property if your income can justify the loan. You can get tax deduction benefit of Rs 1 lakh for the principal under section 80 C and if the property is self-occupied for the interest payable up to Rs 1.5 lakh under section 24 on a home loan.

Can a son purchase property from parents?

Yes, son can purchase the property from his mother . There is no bar for such kind of transaction. Son has to take care that will should be registered or there is no objection from other legal heirs.

Can my parents buy a house in my name?

Parents have four options: they can buy a property in their own name, but let their children use it; they can buy it directly in their children’s name; they can take a charge over the property; or they can set up a trust.

Can I buy house in my son name?

A If your sons are under 18 then no, you can’t buy the house in their names because minor children can’t own property – it has to be held in trust for them. … Unless you set up a trust giving yourself a life interest in the property, putting the house in your sons’ names would give them the power to sell it.

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Can father sell Sons property?

The transfer of immovable property from father to son can be considered a gift. … … However, there is an exemption in case of specified relatives, which includes gifts from father to son. There is no restriction to transfer the property by gift deed or sale deed to his son or daughter by the father.

Can I buy a house and not live in it?

In closing, it is definitely possible to buy a home in a state you do not currently live in. Your mortgage terms depend on how you intend to occupy the property, your employment situation and where you plan to live on a permanent basis.

Can someone give you money to buy a house?

Lenders generally won’t allow you to use a cash gift from just anyone to buy a home. The money must come from a family member, such as a parent, grandparent or sibling.

Can parents pay downpayment?

As of 2018, parents can contribute a collective $30,000 per child to help with a down payment — anything after that would incur the gift tax. Other family members have a $15,000 lending limit before they, too, have to pay taxes. … The rest can be a gift.

Can I pay my parents mortgage?

If someone you care for is falling behind on their mortgage or if you simply want to give them a gift that will last a lifetime, it is possible to pay for their mortgage. You can put down a large payment on the mortgage, either anonymously or not, or you can put someone else’s mortgage into your name.

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Can I buy a share of my parents house?

To buy a share in your parents’ house, you either need to pay them cash for whatever percentage share you agree or get their lender’s agreement to be put on their existing mortgage and also get a solicitor to arrange what’s called a “transfer of equity” to ensure that you are listed as a joint owner at the Land …

Can my parents give me their house?

Your parents can give their home to you as a tax-free gift if the transaction meets the Internal Revenue Service definition of a gift. Your parents must legally own the property and intend to give it to you as a gift. They must relinquish all rights and ownership of the house and retitle the house in your name.