Gift deed with my wife

Mohammed Vaid (Querist) 26 February 2017 This query is : Resolved
Hi
I am having a flat in my name and ownership. Since I am planning to let out this flat I fear income tax on it. Already I am salaried and falls in highest tax bracket.
I want to enter into a gift deed with my wife where I gift this flat to her and then let it out.
By this way I think I can save some tax as well as my can show some good amount of white money in my wife's name.
Please advice.

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ADV-JEEVAN PATIL, MUMBAI (Expert) 27 February 2017
Yes. U can gift or will if self acquired. On transfer, it will be her income of rent. Execute deed of will or gift duly registered n submit to society to transfer flat in yr wife's name

Kumar Doab (Expert) 27 February 2017
The owner can gift.

The gift is completed when given by donor and accepted by done.
Register the gift deed.

Kumar Doab (Expert) 27 February 2017
Per personnel that applies in your case you may be able to gift whole of estate.

In case of WILL you may have limitation to 1/3rd of the estate.

Ms.Usha Kapoor (Expert) 28 February 2017
Agree with Kumar Doab.

Rajendra K Goyal (Expert) 28 February 2017
You can gift the property subject to personal law applicable.

Guest (Expert) 28 February 2017
Well Advised by Madam RK Goyal

Rajendra K Goyal (Expert) 28 February 2017
Any vague / unwarranted / irrelevant / posts should be avoided.
Neither it is a good habit nor requirement of the thread..
Experts should try to be sober.

Guest (Expert) 28 February 2017
Agreed with Madam Goyal

Rajendra K Goyal (Expert) 28 February 2017
Some experts are very serious to increase no. of posts through vague / unwarranted / irrelevant posts. A good method to increase replies without having legal knowledge