Co-Ownership
5 years ago
Sir
I have recently purchased a villa on my name at Thrissur District and registration is already over. Myself and my wife is alone staying here and we have no kids. I wish to make my wife as co-owner of the property or to make a will on her name in order to avoid any legal implications in the future. So kindly let me know the procedure and best solution to do the same.
Best Regards
Ramdas k Menon
Deepak Yashwantrao Bade
Responded 5 years ago
A.Dear client kindly go through any experienced lawyer for making will. Kindly not try to ad as co owner .
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ARPIT BATRA
Responded 5 years ago
A.You can get a will made.
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GANESH SHARMA
Responded 5 years ago
A.made a will and get it registered. I will not suggest you to make her co owner right now
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Rameshwar Dadhe
Responded 5 years ago
A.By advocate Rameshwor dadhe dear sir no need to make co owner to Ur wife. Because. If you make of owner then co owner not right to make gift deed for himself. But u can make gift deed in fever of Ur wife
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A.Ramdas ji you can consult local lawyer and draft your own will as per your own wish. Then registered it in sub registrar office for its authontenticity.
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sistla ramakrishna
Responded 5 years ago
A.You can make conveyance of property through will or gift. If it is through will, there will be no stamp duty expenditure, if it is will there will be no stamp duty expenditure and property will be conveyed and title will be transferred after your life time. If it is through gift title of the property will be transferred immediately after execution of gift deed but you have to incur stamp duty expenditure.
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Vishwabandhu
Responded 5 years ago
A.Dear Client u can not make your wife co owner as u u have purchased property on your own name.
Dear Client your wife will be successor of all of your property in normal course after your death.
Even then if u r afraid then make Registered will.
Dear Client your wife will be successor of all of your property in normal course after your death.
Even then if u r afraid then make Registered will.
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A.Dear Sir,
Execute release deed or gift deed in her name to the extent of 50% of that property in her name and get it registered. Change the katha in your joint-names.
Execute release deed or gift deed in her name to the extent of 50% of that property in her name and get it registered. Change the katha in your joint-names.
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P.Venu
Responded 5 years ago
A.Since the property is self earned, there appears to be any issue at all. Anyhow, you may make a comprehensive Will taking into account the prevailing facts and circumstances and wishes of you and your wife in the matter. it is not necessary that a Will be registered.
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A.Dear Client,
This would require permission from various authorities and would have to pay about huge amount to complete the process.
Adding another owner to your property is a weighty decision, and not just in terms of cost. One of the biggest issues is that once the deed is made, any transaction related to the property would require the consent of the co-owner as well. So, consider carefully before taking this step.
Method of adding a co owner:
A joint owner will, by default, be the owner of half the property, but you can specifically mention the proportion of the ownership between the two individuals. Here are the two ways in which you can make another person a co-owner.
Sale deed: You can sell a portion of the property to the other person and he can use this sale deed to get herself registered as the co-owner of the property by paying the necessary Charges. The stamp duty is typically in the range of 5-12.5% of the market value of the property (varies in different states), while the registration charge is about 1%. Please verify from the Govt of Kerala State Government.
Gift deed: You can also share the ownership by gifting it to someone. In this case, you will need to get a gift deed executed on a stamp paper and register it at the registrar’s office. A gift to a relative is not taxable. However, if you gift the property to a non-relative, the value of the house is treated as income and taxed according to the income tax rules for the relevant year. The stamp duty is generally 2% of the value of the property, along with 1% registration charge.
Advantages:
Co-owning a property can be beneficial for married couples because if one of the partner dies, the surviving spouse automatically becomes the sole owner of the house. So, the transfer of rights becomes easy.
Another advantage is that if the couple has taken a home loan jointly, each person can avail of the tax benefits. Under Section 24 of the Income Tax Act, both partners can claim deductions .
Will:
Yes, you can do it.But, it is not necessary.
Shanti Ranjan Behera,Advocate
This would require permission from various authorities and would have to pay about huge amount to complete the process.
Adding another owner to your property is a weighty decision, and not just in terms of cost. One of the biggest issues is that once the deed is made, any transaction related to the property would require the consent of the co-owner as well. So, consider carefully before taking this step.
Method of adding a co owner:
A joint owner will, by default, be the owner of half the property, but you can specifically mention the proportion of the ownership between the two individuals. Here are the two ways in which you can make another person a co-owner.
Sale deed: You can sell a portion of the property to the other person and he can use this sale deed to get herself registered as the co-owner of the property by paying the necessary Charges. The stamp duty is typically in the range of 5-12.5% of the market value of the property (varies in different states), while the registration charge is about 1%. Please verify from the Govt of Kerala State Government.
Gift deed: You can also share the ownership by gifting it to someone. In this case, you will need to get a gift deed executed on a stamp paper and register it at the registrar’s office. A gift to a relative is not taxable. However, if you gift the property to a non-relative, the value of the house is treated as income and taxed according to the income tax rules for the relevant year. The stamp duty is generally 2% of the value of the property, along with 1% registration charge.
Advantages:
Co-owning a property can be beneficial for married couples because if one of the partner dies, the surviving spouse automatically becomes the sole owner of the house. So, the transfer of rights becomes easy.
Another advantage is that if the couple has taken a home loan jointly, each person can avail of the tax benefits. Under Section 24 of the Income Tax Act, both partners can claim deductions .
Will:
Yes, you can do it.But, it is not necessary.
Shanti Ranjan Behera,Advocate
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ANIL KUMAR PC (Notary)
Responded 5 years ago
A.Think twice before making of a will or registration in favour of your wife. I will explain the prose and cons.
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