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(Querist) 27 August 2009 This query is : Resolved 
Dear Sirs,

I am looking for an opinion regading some property issue .

I have bought a house in my name .I had given 20% in cash and rest 80% I took loan from bank in joint name of myself and my wife.My wife gave me half of cash down payment thru bank transfer . EMI of this loan is going from our joint account . When my wife tried to claim interest exemption of Rs 150000/- under I T act , she was told that she cannot take that because she is not co -owner in the house bought and registered by me.

Now , I want to make my wife a 50% owner in the property but do not want to again pay stamp duty on registration as it will come to a huge amount.

Can I go like this-

Make an agreement to sell 50% share to my wife -
Show money transfer by her as consideration(at the time of purchase she transfered half money for cash down payment).

Make her responsible to pay 50% EMI everymonth thru joint account for whole bank loan .(she is co borrower of 80% of purchase value)

b) Give her irrevocable GPA for half of interest in the house.

c) Execute a will in her favour for half of the house.

Please advise me will all these documents make her legal co owner of the house ??

If you can advice me something else I would be grateful to you all.

B.B.R.Goud. (Expert) 27 August 2009
you can sell or gift or execute a will to make her as co-owner.
A. A. JOSE (Expert) 27 August 2009
Mr.Goud has rightly dealt with the issue and I endorse the same view.
n.k.sarin (Expert) 27 August 2009
Mr parminder,the only way to save the stamp duty on property transfer to your wife is make a memorandum of family settlement and mention all the condition there in.this is the best solution of your problem.It need not to be registered or no stamp duty required.
Bhumik Dave (Expert) 28 August 2009
Yes i agreed mr sarin with Make Memorandum of family settlement
parminder630 (Querist) 28 August 2009
Thanks a lot all of you for devoting ur time on this and solution offered by you.

Respected Mr Sarin , you are a senior lawyer and I am obliged to have an answer from you . Can you please enlighten me how can I make this memorandum of family settlement ?? Should I visit any lawyer for its drafting .

Would mere sign by me and my wife without its registration make her a valid co owner??

Thanks for your precious time.

n.k.sarin (Expert) 28 August 2009
Mr. Parminder you must visit any lawyer for its drafting.One thing I want to clear that there is a difference between family settlement and memorandum of family settlement. family settlement needs registration and stamp duty according to market value of the property, but the memorandum of family settlement need no registration or stamp duty.
parminder630 (Querist) 29 August 2009
Thanks a lot for your advice Mr. Sarin.

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