TO INCLUDE THE NAME OF MY DAUGHTER IN THE REGISTRY FOR MY FLAT, REGISTERED IN MY AND WIFES NAME. WHAT ARE THE PROVISIONS

RAKESH PAUL GOYAL, Noida

9th October 2017

Other in Purvanchal Silver Estate, Sector-50, Noida

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Noida Sector-50 Purvanchal Silver Estate Other Other in Noida Other in Sector-50 Other in Purvanchal Silver Estate

Replies (2)

Yes, Co-owning the property is always beneficial because one of the co-owner either husband or wife dies, the surviving spouse automatically becomes the sole owner of the property.

Pranab Malakar, Delhi

12th October 2017

Comment

I think you should contact a local lawyer. He would draft a gift deed. You have to pay stamp duty on it but its a state matter and varies from state to state.
When you join any members of your family, they become the joint owner of the property by default. You can specify the portion of the property either 50% or any other percentage of portion of your choice to be the co-owner.

Sarith, Noida

12th October 2017

Comment

According to me Gift Deed would be the best option. You can gift the property to some one who is either related to you or any other person by executing a gift deed duly registered with the sub- registrar of the jurisdiction on a duly stamped deed.
When you gift a property to your relative, under the purview of gift tax it is non-taxable. In case you gift it to other than relative the value of the property is treated as income and is taxed as per the income tax rule.

Yogendra, Noida

12th October 2017