Property transfer to wife's name
2 years ago
My family owns a plot of land in my mother's and father's name in Punjab. My mother wants to transfer her share to my wife. What is the best way to do it? A friend at The tehsildar office has suggested my mother transfer her share to me ( her son) and then I transfer to my wife to save on stamp duty. Is this allowed? What are the income tax implications of doing this
Ayantika Mondal @ Prime Legal
Responded 2 years ago
Your mother can execute a gift deed in favour of your wife. After the execution of the gift deed, get it registered within four months. It should be attested by minimum two witnesses.
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The best way is to transfer of property to your wife's name directly. Your mother can make a gift deed to your wife and convey the property. The Gift Deed should be registered under Section 17 of the Registration Act, 1908 to consider it as a valid transaction. That must be attested by a minimum of two witnesses.
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Lucem Leg
Responded 2 years ago
A.Dear Sir,
If your mother wants to give her share of property to your wife, then, she can do it by making a will which will declare that her part of property be transferred to her daughter in law or other way is she can also gift her by making gift deed but in gift deed only stamp duty is to be paid but not tax shall be levied on it.
Also if it is ancestral property, then, it will divided equally in all her legal heirs. And if it self acquired, then, she can transfer the way it is mentioned above.
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Advocate Sinjari Bandyopadhyaya
Responded 2 years ago
So request your mother to execute registered Gift Deed in your favour and thereafter through another registered Deed of Gift you can transfer the property to your spouse. Whenever either you or your wife received that property as Donee,then that Donor and Donee will have income tax liability in this regard because nowadays it becomes compulsory to specify Aadhaar No. and PAN No. of the Transferor and the Transferee in registered document because after registration those documents' references are sent to Income Tax Department for necessary Assessment of Tax.
BANDARU RAJYA LAKSHMI
Responded 2 years ago
Your mother can directly transfer her share to your wife through registered gift deed. It is not necessary first transfer to you then from you to your wife. By the way you did not mention that the property which is having in your mother's name is her self acquired or ancestral property. If it is her ancestral property it shall be devolved on her legal heirs equally, if not, she can execute gift deed to transfer her property on your wife's name.
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