Purchasing a property under your wife's name has a number of benefits.by Vineet Karhana Digital Marketing Executive
Many Indian state governments provide advantages to female property buyers. Is it financially beneficial to register a Real Estate Property in your wife's name? According to experts, this is the case! Buying an apartment in the name of a woman as the sole or joint owner makes sense, especially with state governments and banking institutions giving a variety of criteria for female property owners. The government has taken this measure to attract more female buyers and investors in the real estate industry.
It is a universal truth that having ownership rights to a piece of real land gives you more influence. The Indian government wants to promote women's empowerment by allowing them to own property in their names. If a member of the family books an apartment in India under his wife's name, he could be eligible for an income tax exemption.
If the apartment is self-occupied and you purchased it in your wife's name, you may be eligible for an additional interest deduction of Rs . 1 lakh at the end of the fiscal year. If the husband and wife have distinct income sources and own a real estate property in Gurgaon together, they can each submit for individual tax deductions. The tax benefits are proportional to each co-part owner in the business. In truth, there are various advantages to married couples owning houses together, which were briefly discussed below.
Affordability: Your budget for purchasing a property is determined by your loan eligibility. You can apply for a joint home loan if you register for an apartment combined. A couple might split the debt burden by taking out a combined house loan. It also makes it possible to qualify for a larger house loan.
Stamp Duty: In India, certain state governments have kept stamp duty rates between 1 percent in terms and 2 percent in terms lower to encourage more women to purchase real estate holdings, either individually or jointly. For example, if a woman buys a home in Delhi, she must pay 4percentage stamp duty, but a man must pay 6percentage stamp duty on an apartment purchased for the same price.
When a property owner passes away, transferring the property to other family members can be a lengthy and complicated process if it was only registered in the deceased's name. As a result, registering the property in the name of both parties is always a good idea.
Aside from the tax benefits, cheaper stamp duty and the ability to borrow a larger amount of money, buying the house in your wife's name has an extra advantage. Home loans are offered at reduced rates by institutions such as HDFC, SBI, and ICICI.
The Indian government seeks to provide buyers of real estate holdings with more appealing opportunities. This is because real estate development is a major aspect of the Indian economy's growth, and increased demand will aid the country's development. Real estate developers in Gurgaon and other Tier-1 cities are responding to the government's initiatives by constructing housing developments that meet the needs of every buyer. In this situation, you should continue to take advantage of the most favorable government policies to realize your real estate ambitions. Purchasing a property in your wife's name is, therefore, a fantastic idea.
Created on Jun 22nd 2022 01:35. Viewed 293 times.