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Can I have a joint tenancy with my son?

Can I have a joint tenancy with my son?

If you are joint tenants, the fact that your parents don’t have wills makes no difference to what happens to the house if either of them dies. If your son inherited a share, he would become a joint owner alongside you and your surviving parent. You would have to buy your son out only if he wanted to sell his share.

Can a mother and son purchase a home together?

Can my mom and I buy a house together? Absolutely. You can co-finance a house through a lender with one or both parents. Under current lending regulations, you can even jointly buy a house with the support of someone who is neither a family member nor a spouse.

Can I rent to a family member?

The short answer is yes, but you do need to be careful about how you go about doing it so that you can still claim your tax deductions and that you can have a smooth rental process.

Do you have to pay rent to both your parents?

If the property is jointly held by your father and mother then you should pay rent to both of them. Please note that this rule is only for parents. Rent paid to spouse does not qualify for HRA exemption. Reason being, as per income tax department you are suppose to stay with your spouse.

Do you have to offer notional rent on jointly owned property?

However, in case more than one jointly owned properties are used for self-occupation, you need to choose one property as self-occupied and the rest are treated as having been let out. For such properties, which are deemed to have been let-out, you have to offer the notional rent.

Do you have to pay tax on rent on jointly owned property?

Taxation of rent received for jointly owned property. In the case of self-occupied, jointly owned property, the tax laws allow you to have one house as self-occupied, on which there is no tax liability.

Can you pay rent to parents or spouse and claim HRA?

But they will have to show the rent as income from house property. But if you are staying with your parents in a rented accommodation and they are paying the rent, you can’t claim the HRA deduction. 2) You can’t pay rent to your spouse and claim HRA deduction.

What happens when a parent creates a joint tenancy?

Now the matter ends up in court. A judge listens to both sides. The judge then decides if the deceased parent created the joint tenancy for convenience or as a method to get the surviving joint tenant all the assets at death. This litigation is expensive and tears the family apart.

Where did the Assesse pay rent to her mother?

Her mother was staying in a flat owned by her in a nearby building, with a walking distance of five minutes. The assesse paid rent to her mother in cash, for a flat measuring 400 sq ft. There was no formal rent agreement with her mother. Her mother had not filed IT returns for the past six years.

Can You claim HRA for rent paid to mother?

The assesse paid rent to her mother in cash, for a flat measuring 400 sq ft. There was no formal rent agreement with her mother. Her mother had not filed IT returns for the past six years. See also: Can you claim HRA for rent paid at your native place?

Can a child be a joint owner of an asset?

Putting your child’s name on your asset as joint tenant makes them a co-owner.   As a result, you open the asset up to avoidable attacks and potential family conflicts. Let me give you a list of potential pitfalls of making your child a joint tenant with a right of survivorship: Matter of Convenience vs. Intent to Make a Gift:

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