Executive in PSU, Purchase Land on wife Name Executive in PSU, Purchase Land on wife Name

6 years ago

I am an Executive in Public Sector. I am buying a land worth of 8 Lakhs with my salary savings on my wife name. Will there be any issues. I have already paid token amount to the party through my bank account. So Now, Can I register it on my wife name, paying amount from my account?

Adv. Sarika Khude

Responded 3 years ago

A.It is wise decision as you have more benefits
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Deepak Yashwantrao Bade

Responded 4 years ago

A.dear client It is wise decision as you have more benefits but be sure that you have no issues with your wife.if the land is urban converted/ alienated land you only have IT related issues, if it is agricultural land, then for buying it Laws of the state Government apply.You may proceed ahead with the registration, but you may some difficulties like from the income tax authorities if you do not show the same property under your assets. You will only come under prosecution if you try to defeat the Law. Till the time you do not have any bad intentions, there is no problem.
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Shailesh Kumar

Responded 5 years ago

A.It is your hard income which is already tax paid you have right to purchase any property on any name but when you do so then the property will becomes the income of the person in whom favour the property purchased therefore you have to clear this issue. But how this can be and come out from the situation you may contact with me getting my information from the site.

Shailesh Kumar
An Advocate at Jharkhand High Court, Ranchi
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Kishan Dutt Kalaskar

Responded 5 years ago

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A.Dear Sir,

It is wise decision as you have more benefits but be sure that you have no issues with your wife. You can claim the following benefits.

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Benefits of buying a property in the wife’s name!
https://www.housingman.com/news/benefits-buying-property-wifes-name/

Benefits pertaining to tax

Tax is one of the main issues that clamour the minds of home buyers. If the wife is a
taxpayer, she can enjoy additional deduction of up to 1.5 lakhs of rupees every year towards the payment of home loan. When both the husband and wife are working, then both can claim the tax benefits individually. The amount of tax benefit is proportionate to the share of ownership both of them enjoy.
Tax slabs for woman exempt larger amount of income when the earner is a female.

Stamp Duty burden becomes less

UP, Delhi, Rajasthan are some of the states that have extended relaxation in stamp duty
amount to female property buyers. While the male buyer is liable to pay 6%, and the couple 5%, the female buyers are given the opportunity to pay stamp duty at 4%. Thus, buying property in the wife’s name does help you save on the stamp duty amount. Jharkhand is the latest to announce unprecedented benefit to female buyers; here, it is proposed that she will be liable to pay only Re.1 as stamp duty.

Home loan at cheaper rate

Home buyers are always on a look out for ways to reduce expenditure on loans. Home buying is seen as a pretext to save tax and helps build wealth, in addition to having a place to call your own. Our taxation system is designed in a manner to promote investments in realty and infrastructure. In addition to encourage more moves from female property buyers, they are offered home loans at cheaper rates than males. A female buyer can get home loan at rate 0.05% cheaper than the male buyers. Experts report that a female buyer can get up to 30 lakhs of loan from State Bank of India at 8.50% as against a male who is sanctioned loan at 8.55% interest rate. The difference may look very small in terms of percentage, but makes a great impact on expenses if the loan availed is of a very large amount.

These are a few of the monetary benefits that a person can enjoy by buying the property in
your name. If these fail to encourage you to take a call, then the facts that you can win her in style by booking property in her name may prompt you to do so. The idea of being labeled as promoter of women empowering soul and the one who loves and cares for the wife deeply is also exciting to go for the property in the name of the wife.
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Prabhakara S K Shetty

Responded 5 years ago

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A.if the land is urban converted/ alienated land you only have IT related issues, if it is agricultural land, then for buying it Laws of the state Government apply.
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Abhimanyu Shandilya

Responded 6 years ago

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A.I don't see nay issues here in case you are able to show that the savings have come from your own earnings, if any investigation happens against you. Just being a PSU employee does not bar you from investing in land. The only problem one faces is that if your savings or investment is disproportionate to your earnings.
If it is not disproportionate then you would not have nay problem.
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Anonymous

Replied 6 years ago

Thank you very much Sir for your Prompt Response. All my money is Legal and tax paid

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