Mr.Roongta has correctly provided the legal provisions for the querist who wants to acquire co-ownership of the property registered in his spouse's name.While the process can be by a gift deed,donating a definite share in the proprty,without consideration,it attracts stiff stamp duty as correctly pointed out in the answer.But,if the property is situated in Karnataka,(place not mentioned),there is a family settlement provision,which is a form of gift deed,which attracts a stamp duty of Rs.1000/-+regn.fee of Rs.500/- only,irrespective of the value of the property.K.Chandrasekharan-advocate
Re: taxation-co-ownership of house property
by kavya M on Mar 20, 2009 03:01 PM
Hello Sir, My husband had applied for the loan in the bank and got the house registered in his name before we hot married. Now, though I am sharing a part of the EMI, I do not want to claim the tax benefit. Just want co-own the house.Will the bank have any objection to this as I am not a co-applicatnt for the loan?I heard no gift deed is allowed between husband and wife. Is that true in karnataka?
Hello sir, The advice you give are always nice & upto the point. The query asked above (Change Home ownership) is the same query which i wanted to ask. But my query is we have already paid up our loan with in 3 yrs. Now we want to share the ownership, we now dont need to ask bank for that.But what are the legal procedures to get home co owned??
