Loan taken against gold for buying house eligible for exemption

My father is planning to sell his apartment, but I don’t want to sell it. Is it possible to purchase my father’s apartment and get a home loan for the same?
You can get a home loan to buy your father’s property if your income can justify the loan. Since the transaction is between close relatives, the bank will verify the genuineness of the transaction as well as the valuation closely. The bank will provide a loan of up to 80% of the property value as determined by them or the agreement value, whichever is lower.

I am retired colonel, age 67 years. My unmarried daughter, age 31, has an annual earning Rs9 lakh. I want to buy a under construction flat with a price of Rs28 lakh. I want to take loan in the name of my daughter. Can we have the property in joint name?
You and your daughter can register a property in joint name, but very few banks will readily provide a joint loan to father and daughter. This may be possible if your daughter is the only child and heir and you agree to make appropriate documentation to assure the bank that she will inherit your share of the house eventually.

I have taken a loan against gold for the purpose of house purchase. Can I claim for the interest of this loan too? If so, what proof will I have to provide to claim the exemption?
In your case if you can show with the help of the bank statement where your gold loan is credited and from where the payment of house has been made.

In case you are able to establish direct connection between gold loan and amount paid for house, you will get the income tax benefit. The evidence of bank passbook is sufficient in your case.

I would like to know about claiming tax benefit under 80C for stamp duty and registration amount paid for property under construction. I have paid stamp duty and registration in financial year 2010-2011 and I will get the possession in 2012. Can I claim for tax benefit for this amount in 2010-2011. If not, can I claim later?
As per plain reading of Section 80C, neither the claim for principal repayment nor payment of stamp duty and registration can be made unless the possession of the property has been taken.

In your case, I am afraid your right to claim tax benefits in respect of stamp duty and registration charges will be permanently lost in case the possession is not taken during the same year in which you have made the payments for stamp duty and registration charges.

I am a government employee and have a house in my name without any loan in Bhopal. My son wants a house in Mumbai and I wish to help him in buying a house by making a down payment as he has newly joined a job and does not have surplus money to make 20% of down payment. Can I take loan on my existing house and help him to make purchase the house?  Can I avail house improvement loan?
In order to help your son make down payment for purchase of house property, you can obtain loan against property from your bank. In case of home improvement loan, your bank may insist for documentary proof for payment.

This may include invoice from contractor, invoices for purchases of material or even a certificate from an architect.

No such documents are required for obtaining loan against property. However, the loan against property will be more expensive than home improvement loan.

In respect of interest paid on loan taken by you and lent to your son, you can charge interest from your son and your son can claim the interest payable to you as a deduction in case the interest payment does not exceed the limits specified.

The writer is CEO, Apna Paisa, a price & features comparison engine for loans, insurance and investments. He can be reached at hrdna@apnapaisa.com