you should execute gift deed in favour of your son for 50 per cent share in the house

2) s per the existing Income Tax Laws, both the loan applicants can claim income tax deductions on the principal repayment under section 80c and on the interest amount under Section 24.

3) you can execute will bequeathing life interest in the house to your wife

4) it should be mentioned on her demise house shall devolve on your son absolutely

5) will should be attested by 2 witnesses

6) registration of will is optional

7) your son can execute will for his share in property

You can bequeath life interest in property to your son and mention that on his demise property would devolve on your grandchildren

2) that your son will not be entitled to sell the property

First and foremost you alone are the absolute owner of the schedule property. Your son is only living with you and your wife.

Now he intends to demolish the existing house and reconstruct it with a housing loan, for which he must be a co-owner or the absolute owner.

In which case, you must transfer 50% of the existing house with land into his name by executing a registered Irrevocable Gift Deed in his favour, your wife must also be one of the consenting witnesses to this deed.

Once this is done, your son along with you as co-owner raise a home loan and reconstruct the house on the land.

Pursuant thereto, you can bequeath your 50% share in the said property absolutely in favour of your wife, his mother giving her life estate (to enjoy the property during her lifetime only) without rights to alienate or transfer her interest in favour of any third person, during her life time, and thereafter you can bequeath the interest in the schedule property after her death absolutely in favour of your son or grand children as the case may be.

Hope this answers your above doubts and questions.

1. you should make a gift because it immediately takes effect. thereafter he can build home after taking loan.

2. he will eligible for tax benefits if he took possession over it. in case of jiunt ownership he cannot ger tax benefits. so you should make a gift in his favour.

Will My son is eligible for avail construction loan considering me as a co borrower

Your son should have documentary evidence for his interest in the property for availing loan, i.e., the property should be registered on his name for availing loan.

If yes, will my son eligible for Tax benefit for the Interest and principle amount

If the loan is granted then he is eligible for exemption under the provisions of Income Tax act for the interest paid in the housing loan and for principal repayments.

If not eligible,shall i execute gift deed in favour of 50% share in the house to get income tax benefit

Your son cannot avail loan without the property falling on his name or without a marketable title to his name, hence it would be advisable that you execute a registered settlement deed in his name to the portion of property you may plan to allot him.

As my health condition is not good what document( WILL) should be executed in favour of my son after my death no legal binding should effect my son

In the WILL certain condition can I mention regarding care taking of my wife ( his Mother )

A Will even if it is registered will not confer title to your son until it is enforced, hence drop the idea of executing a Will for transferring the property on his name, you can better transfer the property by executing a registered settlement deed.

In this also you can make the desired conditions endorsed to give a definite shape to the settlement deed as per your desire.

In above situation when he can execute WILL after my wife death

Read the above answer