My father had purchased a property in 1999 with Joint ownership (Father and Mother). My father expired in 2007 and it was transferred in the name of my mother.

My mother nominated both her children equally through Nomination forms with Society. My mother passed away in 2019 and society transferred the property in the name of me and my brother (Affidavit was submitted).

I am a co-owner and I intend to purchase my brother’s share and purchase his right through housing loan. Wanted to know whether such a transaction will qualify for housing loan and whether lending institutions will grant me housing loan to buy his share of right?

Ans: I feel both answers are not pertaining to income tax act. You can check with Bank

Ans: In this situation, while the nomination paper registered in your favor with the housing society indicates your mother's intent for her share of the flat to be transferred to you in the event of her demise, it may not be sufficient to legally transfer her ownership rights to you while she is alive.

To transfer her 50% share of the flat to you during her lifetime, it's advisable to execute a gift deed. A gift deed is a legal document that formally transfers ownership of property from one person to another without the exchange of money. By executing a gift deed, your mother can legally transfer her share of the flat to you, and the deed will serve as evidence of the transfer.

Consulting with a legal expert or a property lawyer experienced in real estate matters would be prudent to ensure that all legal requirements are met and to facilitate the smooth transfer of ownership rights. They can guide you through the process and help draft and register the gift deed according to the applicable laws and regulations in Navi Mumbai.

Ans: 01. Your parents may transfer the property in your favor, which shall be treated as a Gift from parents to their son.
02. Other way out is they execute a REGISTERED WILL, in your favor & you can get the property transferred in your favor, after them.
03. You may be having one or more properties at present, but this will not effect in the above transaction, in any way.
Most welcome to any further clarification. Thanks.

Ans: You (Grand Daughter) simply approach her bankers for a loan to purchase a property & get the loan. Make payment while Sale Deed is executed, as suggested in your question.
However, in such a case, Grand Father will have to file his ITR & declare LTCG, which shall be calculated on the amount received from Grand Daughter.
Most welcome for any further clarifications. Thanks.