Can Wife be co-owner of property if 100% payment made by Husband

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  1. Ajit Kumar Jain

    Ajit Kumar Jain New Member

    I will be buying property for total consideration of more than 1 Cr jointly with my wife. I will be the owner and she will be the co-owner. She is home maker with out any income. I will be paying the full consideration. Few questions
    1. Can she be the co-owner without any consideration paid by her
    2. Whether both are required to deduct TDS or only I can do so since I will be paying
    3. At the time of sale deed registration, her name can be included or have to go for some gift deed before that
     
  2. Anish Goel

    Anish Goel New Member

    1. You can gift the amount to your wife first and then she can pay the part consideration of the house and so become the co-owner
    2. A single person can deposit the entire TDS
    3.Since the part consideration has been paid by your wife, her name can be included in the sale deed registration.
     
  3. rudrabose

    rudrabose Active Member

    If you intent to make your wife as the co-owner, it would be better to pay from her account in equal proportion.

    You can gift her the money and then she can pay to the seller.
     
  4. Ajit Kumar Jain

    Ajit Kumar Jain New Member

    Thanks a lot. How do I gift the money to her. Just transfer the money to her account or there is some other legal process involved. If I do so and if she is paying from her account then she should also deduct TDS or I can deduct the whole TDS
     
  5. rudrabose

    rudrabose Active Member

    You may either simply transfer the funds or make a gift deed made stating the amount gifted. However, it is not necessary to make a gift deed and people usually avoid making a gift deed when gifting funds to wife/ children.

    If she is paying from her account, its better that both of you deduct the TDS.
     
  6. Ajit Kumar Jain

    Ajit Kumar Jain New Member

    Since gift deed is not mandatory, can I avoid transferring money to her and then let her pay instead I pay the full amount. Her name as co-owner in sale deed should be considered as gift automatically.
    what is the best way. Any expert advice
     
  7. rudrabose

    rudrabose Active Member

    Making a gift deed is not mandatory so I recommended you that you transfer the amount in her account without the gift deed.
     
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