Property owned by father who expired recently? Am I eligible for a home loan and tax exception?



Hi,

My father expired recently and he owend a flat with a house. He was the single owner.
Myself and my mother are the only legal heirs of the property now. Property is still in the name of father only.

I would like to build one more floor to that house. So that I can avail incometax benefits.
.
Is it possible?
FYI – I am in India!

Property owned by father who expired recently? Am I eligible for a home loan and tax exception?
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3 Replies to “Property owned by father who expired recently? Am I eligible for a home loan and tax exception?”

  1. I am sure, as in the United States, the property must be in your name prior to any contractor doing any work to build on the property. Also I a sure that in order to take any tax credit for any reason you would also have to be on the title deed.

    In the United States, when a person pass, the heirs would have to go through a court probate to have the names changed from the one that passed to the heirs. Even if there is a will in most instances you would still be required to go through this legal procedure called probate.

    Once probate is completed the property would transfer to you and your mother’s name based on the decision of the probate judge.

    It might be to you-r benefit to consult with a solicitor that is versed in the probate procedures of the U.K. This person would be able to explain the probate procedure and even if you would be required to go through the probate procedure.

    If you are not required to go through the probate procedure you might inquire of the solicitor as to how you would change the name from your father to you and you mother.

    Because you are his son, does not automatically place you in a position of owning the building or flat. It might be that your mother might own the property because of right of survivorship, a deed that would automatically transfer the property to your mother upon the death of your father.

    I hope this has been of some benefit to you, good luck.

    “FIGHT ON”







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