Sirs,
We purchased a vacant house site 25 years ago in my wife's name in Tamilnadu. Now i wish to transfer it to my name which wife is ready to. Will it be treated as gift or settlement? The cost of the property is 5 lakhs today, as per guide line values. We wish to reduce the costs as much as possible. Alternatively can I get power of attorney{with consideration, say 1 lakh}. If I have to pay 7+1 % of the cost of property, I can use power attorney route since it costs 4%{am i right} please guide. At present situation I cant afford much money {even if it costs 20000 more}. For information I am employed and she is housewife.
Regards
