Formality property transfer to wife 's name

Querist : Anonymous (Querist) 11 May 2018 This query is : Resolved
let me know how can i transfer my house to my wife's name

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Ms.Usha Kapoor (Expert) 12 May 2018
By way of Registered stamped gift deed. You will get tax exemptions also.

R.Ramachandran (Expert) 12 May 2018
Better think several times before doing this.
This will involve unnecessary huge avoidable expenditure on Stamp Duty which is payable on the value of the property.

Guest (Expert) 12 May 2018
A Settlement Deed would be very much cost effective and confirm it with your Registrar.

Guest (Expert) 12 May 2018
An Husband wants to Gift the Property to his Wife and what is the Problem and Worry of R. Ramachandran in this.

Guest (Expert) 12 May 2018
Ms. Usha kapoor should make clear, how the querist can get tax exemption on gifting his property to his wife?

P. Venu

(Expert) 12 May 2018
In some States, gift deed to specified relatives involve only nominal duty. Please verify.

kavksatyanarayana (Expert) 12 May 2018
Yes. Some State governments reduced the stamp duty for Gift deed to be executed in favour of family members only (wife, husband, son, daughter, sister and brother). check in your state.

Guest (Expert) 13 May 2018
Where the querist has mentioned that he wants to gift his property to his wife, as per the presumption of Mr. NJS. However, Mr. Ramachandran may or may not have any problem or worry with the gifting of property by husband to wife, but Mr. NJS, of course seems to be allergic of any right and cost saving advice by any expert.

Ms.Usha Kapoor (Expert) 13 May 2018
Under IT Act 1961 if gifts are given by a specified relation to another specified relation no gift tax is levied on that transaction. both for donor and donee.Some3 states like Maharashtra have reduced stamp duty on gifts made to specified relations. So father and son is one such relation. Similarly wife and husband are one such relation.

Dr J C Vashista (Expert) 13 May 2018
Dear Experts
Anonymous author has to be discouraged as per rules of this platform.
Regards.

Guest (Expert) 13 May 2018
Again a case of senseless advice by Ms. Usha Kapoor, a fake expert!
Ms. Usha Kapoor should know that the stamp duty does not fall withing the purview of IT Act 1961. Stamp duty has necessarily to be paid even on gift to specified relations, i.e., wife. So, what is the relevance of her fresh post about no tax on gift?

Ms.Usha Kapoor (Expert) 27 June 2018
In income Tax Act there is a provision for Specified relations and gifts among them and how they are exempted from tax..Please read It.

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