Transfer of a flat from co-owner (my mother) to my wife


Hi, I have a joint property with my mother in Gurgaon and I have 1 married sister. What would be the best and easiest way (from a taxation and stamp duty perspective) possible to have my wife's name added as a co-owner? Also, my mother wants to transfer her share of property to me and my wife. Thanks, Kapil
 
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Retired employee.

Contact a local advocate and get a Gift deed from her.

 

 
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Advocate

your mother can transfer the property to your wife through a gift deed.

 
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ha21@rediffmail.com Mumbai : 9820174108

1.  Property Stands in Two names:
a) Yourself = 50%
b) Mother = 50%

2.  Mother executes Registered Gift Deed, for her 50% share as follows:
a)  to You = 25% (total with you will become 75%)
b)  to Wife = 25%

3.  You can claim ANY accuring benefits from property in Income Tax upto ratio of your 75%

4.  Wife can claim ANY accuring benefits from property in Income Tax upto ratio of her 25%

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

 
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