Buy A House In Your Wife’s Name And Reap The Benefits
There are several states in India which tries to boost the women empowerment by offering benefits for women property buyers. Below here is the examination of why it makes financial sense to register a property in the name of a woman.
Benefits of Tax
There are several benefits of buying a home in women’s name. Some of the experts say that buying a home in the name of women gives you an extra deduction of Rs 1.5 lakh every year if the houses are self-occupied. If both wife and husband are the owners of a property and the wife having a separate source of income, then the tax deduction can be claimed by both of them individually. The benefit of the tax depends on the share of each co-owner.
Discount On Stamp Duty Charges
A partial waiver is offered on the stamp duty by the several governments of the states in North India for the buyers who register properties in the name of women either as joint owner or sole property owner. If the property is in the name of a lady then you might save 1%-2% on stamp duty. The rate of charges for women in Delhi is 4% for women and that for men is 6%. In addition to it if you have any setback financially and have debts to repay then the property which is under the name of your wife will not come under to cover the loss you had.
Things To Keep In Mind while Buying Home In Wife’s Name
It is obviously a good idea to buy a home in the name of your wife. However, your wife can only enjoy the benefit of tax if she has a genuine and separate source of income. And if there is any legal dispute on the property then both husband and wife will be involved in the case.