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What are the benefits involved when the property is on wifes name

This document contains information regarding the benefits involved in buying a property on wife's name in India.

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What are the benefits involved when the property is on wifes name

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  1. What are the benefits involved when the property is on Wife’s name? Women Empowermentis an ever glittering statement or a campaign in India. When it comes to the news, Every State is striving to give their best in empowering women. Of course, what’s the link between women empowerment & Property registrations? Isn’t it unrelated, absolutely not? Let’s talk about the financial benefits of registering a property on wife’s name. Either it’s a joint or sole owner registration but Governments & banks are providing a lot of benefits. Because of Property exemption benefits, Home Buyers are usually showing interest in registering the property on wife’s name. And add up women count to the Realty Sector too.

  2. What will be the tax benefits? If a wife is a sole owner then tax deduction of approximately 1.5 Lakh per financial year can be seen. In the case of jointly owned property, wife is also self-employed then both will get tax deductions based on their share. Deductions in Stamp Duty: Home buyers can observe 1% or 2% of reduce in stamp duty, when it is registered on Women. In Delhi, 2% of deduction is observed on Stamp duty. Moreover, if you are fallen in debts and then at that time property on your wife’s name merely can’t be considered as recover for your loss. State/UT For Women For Men Delhi 4% 6% Haryana 4% in rural areas and 6% in urban areas 6% in rural areas and 8% in urban areas Rajasthan 4%* 5%

  3. Banks like SBI, ICCI & HDFC Ltd are providing loans for women on lesser rate of interest. Interest rate for woman borrower vs. others Bank Interest for Women borrower Interest Rate for others SBI 8.35 – 8.85% 8.4 – 8.95% ICICI 8.35 – 8.7% 8.4 – 8.85% HDFC Ltd 8.35 – 9.05% 8.4 – 9.05% Experts view: It’s a good Idea to buy a property on wife’s name, but she can enjoy the tax benefit, only when she is solely employed. If it is a joint & any disputes aroused on the property then both husband & wife will be dragged to the court. So, take better decision before choosing any property. Source of information: Housing.com

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