Transfer of property
RajaRajachozhan
(Querist) 23 September 2016
This query is : Resolved
1. Husband and wife purchase a flat (50% share each). After 2 years thw Wife and her husband purchase another Flat (50% share each). What are the implications of wealth tax to both of them.
2. If husband purchases a property and then writes a will in favour of his wife; and on his death the procedure for transfer of the property in wife's name - will it be an easy method to transfer the property.
OR
should the husband purchase the property in Joint name and on his death the property to pass on to wife's name. Whether this procedure is less cumbersome for transfer of proprty ?
Raj Kumar Makkad
(Expert) 23 September 2016
What is your relationship with the contents of this otherwise good academic query?
RajaRajachozhan
(Querist) 23 September 2016
Dear Sir,
I am intending to purchase a property in my name and then wrte a will in favour of my wife, In case of my demise, will it be easier for my wife to get the property transferred in her name - rather than purchasing the property in Joint name.
kavksatyanarayana
(Expert) 23 September 2016
Even you purchase the property in joint name, after death of one person, all legal heirs of the deceased having rights over the property of the deceased. for safe side you may execute "will" in favour of your wife or as you wish. the beneficier will enjoy the property after the death of the owner of the property.
RajaRajachozhan
(Querist) 23 September 2016
As it is a self acquired property, I can execute the will in favour of my wife so that others (legal heirs) cannot lodge a claim over it. Am I correct ?
RajaRajachozhan
(Querist) 23 September 2016
As it is a self acquired property, I can execute the will in favour of my wife so that others (legal heirs) cannot lodge a claim over it. Am I correct ?
Raj Kumar Makkad
(Expert) 23 September 2016
This is your sweet desire to make will in the name of any person of your choice including your wife.
Guest
(Expert) 23 September 2016
Mr. RajaRajachozhan
No relevance of any will or its correctness in hypothecated academic query.
Is there any reason that you have not replied the question of Shri Raj Kumar makkad.
Further, how your initial query is related to your intention to purchase a proprty?
Where is the problem, when you have not yet purchased any property, may be your intention to purchase, but not yet purchased?
Raj Kumar Makkad
(Expert) 23 September 2016
It seems that this is an hypothetical query.
P. Venu
(Expert) 24 September 2016
It appears that the author is less than honest with the facts.
Rajendra K Goyal
(Expert) 24 September 2016
You can sell / gift / mortgage / bequeath a will for your share in the property.
For taxation, full particulars / value / title / law in force need to be referred, for present day position discuss with local tax consultant.
