Wife Is Your Real Partner


As the saying goes- ‘A woman is there behind every successful man’ we can define it in different ways but this could be very true while it comes to buying a property in the name of your wife. It gives you an outright advantage in matters like social as well economical, let’s have a look -

You save on stamp duty

There are different rates for registration of property for stamp duty in different states in India, which may vary by 1-2% lesser in case of women buyers. For example, women in Delhi have to pay 4% amount of the total value of a property compared to 6% duty paid by their male counterparts. By the way, a stamp duty is the tax that one has to pay to the state government for registration of a property to transfer a property in his/her name.

You have option of joint ownership

In case you find it difficult to buy the property in the name of your wife for any technical problems, you can opt for a joint ownership registration, which still entitles you for 1% discount. You can also avail legal and tax benefits.

You must look at other options

Any property is included in net worth of owner as far wealth tax is concerned therefore taking a property in the name of wife is not enough to take maximum advantage. According to Indian domestic tax law, the direct or indirect income from assets transferred by wife is clubbed with that of husband’s income. In such a case if your wife’s property (not from her income but yours) is earning rental income, it would be added to your income and you shall have to pay income tax as per applicable rates.

The only way to save tax in such a case would be to provide loan to your wife against her ornaments. However, you should be aware about the fact that if the wife is not an earning person she couldn’t ask for a home loan from bank because financial institutes provide loans only to earning members.

There are some other benefits

In case husband incurs losses in his business and the property is in his wife’s name, no one can have a claim on such a property. Another plus point is for joint holders as husband and wife both can claim for tax deduction on loans and interests. Husband can reduce his tax liabilities by purchasing property in his wife’s name in case he owns a few other properties.

Article Posted By : sunylView All Articles

Suny thinks you should buy jointly.

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Keywords :
Tax , Stamp duty , Partner , Loan , Bank , Land , Home loan


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