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make wife the co-owner of the property


I have a apartment registered on my name in Noida (UP). I want to make my the co-owner of the same. What are the options available to me. ( Of course I want to spend as less as possible).

Also can I gift 50% of the apartment to my wife?

Any help on this will be greatly appreciated. Thanks.

 
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practicing advocate

yes u can gift 50% of the property to your wife.  U can also relinquish 50% share in the property to ur wife by executing rights relinquish deed in the name of your wife.  it is cheapest one.  You can also give a vardi to the concerned authority to enter ur wifi's name to the property as joint owner of the property.


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Thanks a lot Rajeev. Just want ot check couple of things - how much time normally it takes and secondly if I still have a loan whether it needs to be cleared before doing that.

 
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never make such a mistake unless u have very much confident in u r wife. it is better to put it in parents name rather than wife name.

if u gifting 50% than u will be liable to pay stamp duty and registration charges as well u r wife will be liable to pay gift tax .

 
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Family Counsellor

Rohit,

I partly agree with Ramesh's advice that you should not put 50% to your wife. When the things turn sour, you will repent for this mistake. Moreover, on the small fihgts she can kick you out of the house. Its better that you put this in your parents name along with your name. This would be safe.

 
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Mr.Rohit,

You can execute a registered Gift(settlement) Deed in favour of your wife, conveying her undivided half joint share in your aparment. As per the laws prevailing In Andhra Pradesh, you will have to pay stamp duty to the extent of only one percent of Registrar's Office basis register value of the property which you intend to gift.,  

It is not legally advisable and possible to execute a relinquishment deed for 50% of your Apartment, because your wife is not a joint owner(Co-ownera) of the said Apatment.  A relinquishment deed can only be exeucted between joint owners of the property.

I differ to agree with the opinion of  Sri.Ramesh Chedda, no body would express intention to benefit his wife,  unless he has some love and affection towards her. In your case, your intention speaks volumes about your love and affection towards your wife. Further, you did not mention about your parents

 
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 Why would a wife kick him out of the house...What if his parents kick her out of the house if things go wrong to him.My husband bought all the properties with my income and his income and wrote on his parents name...I never objected this. Now my mother-in-law is torturing me and my parents mentally  and made me her slave though I am educated an earn equally as her son does and planning to give the share to her daughter though my husband and I earned it. It depends on family, situation and ppl around u are..Now id anything happens to my husband I am pretty sure my mother-law will put us on roads.

 
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