As a Maharashtrian, I’m planning to transfer my house to my parents’ name. Could you please advise on the process involved, the stamp duty applicable, and if I can still claim tax exemptions despite paying the EMIs? Thanks in advance!

Transferring your house to your parents’ name involves a deed of gift, registration, and payment of stamp duty as per Maharashtra’s rates. You can claim tax exemption under Section 54 of the Income Tax Act if you reinvest the sale proceeds in another house within two years.