you can purchase the house jointly with your husband and father in law

2) when two or more people buy a property but do not specifically mention the share that each has in the property, a 'tenancy-in-common' is created. All the coowners can use the entire property and every co-owner is deemed to be having an equal share in it. After the death of one of the co-owners, the interest in the house does not pass on to the other co-owners but to the legal heir or a person named in the Will of the deceased, who will then become a 'tenantin-common' with the surviving co-owners.

There can be any number of owners of a property. Even if there are 100 owners it will remain a co-ownership. The share of every co-owner has to be specifically mentioned in the sale deed.

1. Yes, three of you can be the joint owners of the said flat.

2. the percentage of ownership will be decided by you which is normally be decided based on the percentage of financial involvement.

1) Joint tenancy requires four unities. Unlike tenants in common, joint tenancy involves right of survivorship, meaning the interest held by each tenant will pass to the other upon death. The four unities necessary to create joint tenancy are: Time. Each owner must receive title at the same time. Title. Each owner must receive title on the same deed or document evidencing title. Interest. Each owner receives the same proportionate and equal share of ownership. Possession. Each owner has the identical right of possession.

2) bank would insist father be co borrower in case loan is taken for purchase of flat

1. All three of you can buy the flat.

2. All the owners of the flat shall have to be the co-borrower and mortgage the flat creating security interest on it while taking the loan.

No father in lawhich will not be a co borrower ....and this ownership is joint ownership. In case of deceased owner the share ownership will go to legal heirs so it is better to mention it in the registry document clearly the term of transfer .....saying in case of demise of any of the owner the the share will be transferred to the other two in equal parts and no legal heir of the demised person unless already a joint owner can claim share.

Best of luck

The succession will be governed by what is stated in the sale deed. In the absence of a specific clause to the contrary in the sale deed the share of the deceased owner will devolve on his heirs on his intestate demise.

If all the persons invested in the property desire to have joint ownership in the property they can get the sale deed executed in their name jointly.

It is called as tenancy in common.

So it has to be Tenancy-In-common. There is another type of joint ownership called Joint Tenancy where I suppose the ownership passes on to the other owners in case of a deceased owner. Can that be possible in our case? Also, when me and my husband jointly apply for home loan, will be father-in-law also needs to be a co-borrower?

Tenancy in common allows two or more people ownership interests in a property. Each owner has the right to leave his share of the property to any beneficiary upon the owner's death.

In estate law, joint tenancy is a special form of ownership by two or more persons of the same property. The individuals, who are called joint tenants, share equal ownership of the property and have the equal, undivided right to keep or dispose of the property. Joint tenancy creates a Right of Survivorship.

Your father in law has to be a co-borrower

1. No. Only one owner shall get the tax benefit.

2. Whoever you decide to get the tax benefit should be made the 1st owner of the jointly held flat.

3. There is no way your father in law can invest in the flat and get the tax benefit without being its owner.

Your father would be entitled to benefit of capital gains for amount invested by him on sale of flat

2) Section 54F of the Act provides that if a tax payer invests the sale proceeds received from the sale of any capital asset for buying a residential property; the long-term capital gains on sale of the property would be exempt.

3) section 54F being a beneficial provision, enacted for encouraging investment in residential houses should be liberally interpreted to include investment done in the joint names

4) ) The Delhi High Court observed that section 54F does not require that the new residential property should be purchased in the name of the tax payer; it merely says that the tax payer should have purchased / constructed a ‘residential house

5) you and your husband can claim tax benefits by taking home loan . It is immaterial if you are second or third owner

The tax benefits can be availed as per the contribution of individual co owners to the property.

The benefits so claimed should have profs for the same in accordance with the income tax law.