Pros and cons of buying a property on father's /mother's name and gift to grandchil Hi.I want to buy a property for my kid who is not an Indian citizen like my husband or I.I was told that we can't buy a property on our kid's name for not beinng an Indian citizen.a) Is it tue? b) If that is really the case can we buy a property on my husband's father's name and he can gift it to his grandchild , correct? If so, how much is the gift tax?Is there gonna be any other charges or taxes and what is the procedure to gift that to our child? c)My husband's dad is getting pension every month.Is that really mandatory to show pension statement or salary statement (for working person) to buy a property on his name and gift it to his grandchild.(note:he already owns his house which he built about 20 years ago).MY dad took VRS and he has no pension but monthly interest income .can we buy the property on my dad's name and he can gift it to our child?If possible, what are the papers required and will that make any problem for his tax returns etc? thanks
Re: Pros and cons of buying a property on father's /mother's name and gift to grandc I guess you can buy the property on your / your husbands name and put your kid as the beneficiary in your absence. You cannot open bank a/cs or buy properties on the name of minors....you can put yourself as the prime owner and put the kids name as beneficiary until he reaches an eligible legal age.
how to safegurrd any new investment? Hi. My husband is thinking of buying a new property (may be some MIG apartment) on my name since he bought some properties before on his name and he is not eligible for MIG (middle income group) apartments.He was told that he can buy a MIG property on his mother's name as they can show that his mother is being supported by her spouse, that is my father in law.My father in laws gets pension which will be treated as a supoorting document as his source of income for buying this property.Is this corret? Because my Husbad was told that he can buy properties on his mother's name to save taxes and the property will be denoted as bought by her husband for her, But my husband can't buy a property on my name because I have no source of income and I have to show that I am supported by my husband who is a NRI and comes in high income group, so not eligible for buying MIG flats?How true this statement is. We didn't egt a scope to verify this information so far. If my husband buy this property on my name and shows that it is given to me by my father, who took voluntary retirement service and doesn't get any pension, but getting monthly interest income , Is it legaaly possible or my father will have any issue with his tax things and all.Please give me some information about that?
Re: how to safegurrd any new investment? Anjalika Pls see my response above....however I think best solution is consult a lawyer to get a legal opinion and the right way to register the property so that it benefits your kid in future
Daisy, Actually I used legalzoom.com to make a will. Are any other members seeing any issue with that? It’s very inexpensive. Opps,Sorry SriVidya.It's a mistake.
Re: power of attorney hi , i m neetha .this ismy 1st post. i m planning to buy property in india. can i give power of attoney to my mother-in -law ? is it problematic during registration time ? please let me know . thank u
Re: power of attorney Please see this thread on similar topic and discussion http://www.indusladies.com/forums/money-matters/82717-legal-rights-over-real-estate.html
hi , my Brother in law , wants to buy a property in chennai in his name, he is an nri, i have seen land for him & given token advance etc , but my question is, 1. is he needed to be here during registration ? as he wont come to india for registration , 2. does he have to sign any documents ?
