Co-owner of property
Avni
(Querist) 06 June 2012
This query is : Resolved
Hi
My husband wants to give me 50% ownership of our newly bought flat. As while time of buying we were not married. As due to this i will also be getting tax benefit & will become co-owner of the flat.
Can someone please suggest the way through which he can make me co-owner of the flat.
Regards
Avni
Devajyoti Barman
(Expert) 06 June 2012
Your husband will have to execute a deed of gift transferring half or more or less share in your favour.
Avni
(Querist) 06 June 2012
Thanks for your quick response but is there any cheaper way to get the co-ownership as for gift deed i think i will have to pay stamp duty rt?
Devajyoti Barman
(Expert) 06 June 2012
Yes you have to and this is the cheapest way.
Shonee Kapoor
(Expert) 06 June 2012
Gift deed is cheapest.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
R.K Nanda
(Expert) 06 June 2012
No more to add.
Anirudh
(Expert) 07 June 2012
Dear Avni,
You say the purpose of getting 50% share in your name is to save on income tax.
But this purpose cannot be achieved, since as per the provision of the Income Tax Act, if a property is transferred to wife, without adequate consideration, then such income derived by the wife on the asset by the wife will be clubbed in the hands of the husband and taxed.
So, your main purpose will not get served. Further, by doing the Gift Deed, you will be paying stamp duty on the value of the property, which is an unnecessary expenditure.
So, in tax matters, better beware - there is no short cuts. Yours is an ill-advised move, better avoid it.
K.K.Ganguly
(Expert) 09 June 2012
He can execute a Deed of Gift to you to make you co-owner of the flat but how shall you be benefited in paying Income Tax by just co-owning the flat for which you have not paid any consideration from your own income?
Avni
(Querist) 20 November 2012
How to do a gift deed for a flat and what is the least cost incurred on that?
Avni
(Querist) 20 February 2013
Hi I am planning to get separated from my husband as he is complete spendthrift he bought a flat 3 years back and now is selling to give back money of relatives which his father had taken from them.he is also in habbit of using cresit card and he hides and lies from me can someone help me on this? on what basis can i get separated from him
Avni
(Querist) 20 February 2013
till date i have given him 10 lakh through various sources but now i am fed of doing all this thigs for a person who does not understand the value of money
ajay sethi
(Expert) 20 February 2013
contact a local lawyer . you can file for divorce on grounds mentioned in HM Act .
