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Options for adding Spouse’s name as co-owner of the Property

Last updated: January 4, 2020 | by

Adding another owner (as co-owner) to your property can be done through..

Sale Deed 

You can include your Spouse’s name in the new sale deed mentioning the ratio or portion of the ownership and get it registered. The stamp duty is typically in the range of 5-12.5% of the market value of the property (varies in different states), while the registration charge is about 1%.

Gift Deed 

You can also share the ownership by gifting it to someone. In this case, you will need to get a gift deed executed on a stamp paper and register it at the registrar’s office. A gift to a relative is not taxable. However, if you gift the property to a non-relative, the value of the house is treated as income and taxed according to the income tax rules for the relevant year. The stamp duty is generally 2% of the value of the property, along with 1% registration charge.

Co-owning a property can be beneficial for married couples because if one of the partner dies, the surviving spouse automatically becomes the sole owner of the house. So, the transfer of rights becomes easy.

Another advantage is that if the couple has taken a home loan jointly, each person can avail of the tax benefits. Under Section 24 of the Income Tax Act, both partners can claim deductions of up to Rs 1.5 lakh for the interest paid on the home loan. They can also claim tax benefits of up to Rs 1 lakh for the principal amount under Section 80C.

Continue reading other related articles;

  1. 5 ways of transferring your Real Estate Property
  2. Joint-home loan – Eligibility rules
  3. What is Mutation of Property? How to apply for Mutation of Property?
  4. Checklist of Important Property Documents in India | Legal Checklist for Property Purchase
  5. Occupancy Certificate, Possession Certificate & Completion Certificate – Meaning & Importance

Sreekanth Reddy:

Sreekanth is the Man behind ReLakhs.com. He is an Independent Certified Financial Planner (CFP), engaged in blogging & property consultancy for the last 12 years through his firm ReLakhs Financial Services . He is not associated with any Financial product / service provider. The main aim of his blog is to "help investors take informed financial decisions." "Please note that the views given in this Blog/Comments Section/Forum are clarifications meant for reference and guidance of the readers to explore further on the topics/queries raised and take informed decisions. These should not be construed as investment advice or legal opinion."

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  • Is co ownership of a home possible by a married couple if one is indian citizen and the other american/irish citizen?

  • I want to add my wife’s name to my house in Thane as 50% co-owner, can i do it from Indian Embassy in New York, if so what is the process for it?

  • plot is in the name of my wife. she has no source of income. We both have taken home loan. I am repaying the EMI. now I come to know that I can not claim tax benefit. Then my wife written to the Bank to grant her approval to include his husband’s name in the Sale Deed. Can the bank grant NOC or approval to add my husband’s name in the Sale Deed. But verbally bank declined to grant the approval to my wife.

  • I want to sale my flat .The Buyer has put a clause in the “Agreement for sale ” that I should have no objection to registering the property in any name whatsoever .This is strange Probably Son wants to buy and register it in his parents name ?
    Is this legal What are risks to seller ?

  • Dear Mr.Srikkanth,

    Your blog is so useful. Thank you.
    I was an NRI came to India Feb 28th 2020, with RNOR status i believe.
    1)I am supposed to buy property from an NRI and transfer the money from my NRE deposits to the seller NRE a/c. is it ok ?
    2) If the seller insist to register the property to guideline value only which is less than sale price. should i accept?
    Please advise.

  • Hi Sreekanth, Currently Property is registered in My wife’s name and she is claiming the tax benefit and I am the co-applicant only in the bank . So I am unable to claim tax benefit. Please advise as of how to claim the tax benefit. How do I change to dual ownership to avail the tax benefit.

  • Hi My husband and I co-owned a property. He then changed the ownership to my sole name. But I want to change the ownership back to both of our names. can it be done

  • Hi,
    My brother has bought a flat in Bangalore and the agreement is done jointly under he and his wife’s name. But his wife will be unable to come for registration. Is it possible to do the registration with only one person?

  • Hi Sreekanth,

    I am married and taken a home loan from a private bank and did the sale agreement with only my name. I didn’t include my wife name in loan or sale agreement submitted to bank for loan. Now can I include my wife’s name in the sale deed? Please let me know.

  • hi sreekanth ji,
    i have applied a home loan as co-applicant for construction of house on a plot in my wife’s name. the EMI is going to deducted from my account. can i get tax benifit. if not what can i do to get tax benefit of home loan???

  • Hello Sir,
    My father is a senior citizen and retired 10 year ago from service.He is also not filing his ITR after retirement. His earning is bank deposits which is below 3 lakh per annum.
    In 2018, he has sale his own 10 year old flat and purchase a new one flat immediately by gained money.New flat is registered in his wife’s name and currently both of them residing in the same new flat.

    Is any LTCG will be applicable on him?
    As he has registered new flat on his wife’s name.In this case is he will be allowed to claim rebate in LTCG arises if?

  • Dear sir Agreement to sale is in joint name and home loan has been processed in joint name can I register flat in my wife’s name so that concession of 1 percent can be availed in registration fee

  • Hi Shreekanth,

    I am not married yet. I own a self occupied property in my name with Housing loan. Now for tax benefits I want to add my wife to the housing loan and register both of our name in deed. Can you please guide the process.

  • Me and my wife bought a new flat and we have registered it under my wife name in June month.
    Due to some issues I want my name also to be Added as co owner.
    As we are wife and husband is stamp paper sufficient doing this

  • I want to add another person name to the land plate property but exclude them from owning the home on the property. How do I do that legally without them having ownership of my house?

  • Dear Shreekant
    Very useful article. Me and my wife are buying a house in Maharashtra and we want to register in both of our names with my wife’s name being first and mine being the second on the agreement. However I am the earning member in the house and will be paying the home loan EMI.
    So in that case is it possible to put my wife’s name first and then my name in the agreement?
    Also can I pay the stamp duty even though my wife’s name will be first, as in Maharashtra only one person’s PAN number can be entered while paying the stamp duty even though the property is jointly owned.

    Will be waiting for your response.

      • Dear Shreekant,
        It will be 50%. Even though I will be the one making all the payment including down payment and all EMIs. For astrological reasons we want to put her name first and then mine.

  • Hi sir,

    I registered a flat in October 2018 and done with property agreement on my name and i have loan under subvention scheme. Still possession of property will be at the end of 2021. But for availing PMAY scheme benefits it is saying to must have a female person as co-ownership in property. Now i want to make my mother as a co-owner in property agreement to avail the PMAY benefits as my annual income is 4.5L. so how could i do that?

    • Dear Ajay,
      You can gift a share in the property to your mother.
      But, you may have to get NoC from your banker/lender and builder for doing this.
      Also, kindly check with your banker if they can link the existing loan to PMAY if you change the ownership..

  • Hello,

    We have recently bought a house. My mother is the only owner of the property. Whereas, I am A co-borrower in home loan. Reading comments on your page I could see that she could execute a gift deed so that I can claim tax benefits. To claim the tax benefits via gift deed does this gift deed has to be registered. The property is in New Delhi how much is this whole process going to cost me?

  • HI Srikanth, i’m paying an house loan emi 16k per month. but the house is registered on my Mother name loan as well. can you help me how to claim this in tax returns.

  • Hi

    I have purchased a flat by taking a home loan and having my father as the co-borrower in the loan and in sale agreement as well. The flat is not yet registered and now I want to include my husband in the registration document. How can I do this. Can you please let me know?

  • Are there any benefits of registering a home in husband -wife’s name over father-son’s name??

  • I and My husband has bought a residential property. The property is under construction and its possession is pending for early next year in 2020. We had a loan for that property. Now I want to add my mother’s name as co-owner in the property. So, that she can pay the share of home loan, the amount which she received by selling one floor of her house to avoid capital gain tax.

  • Hi Sir,
    I have registered a sale deed 8 days ago for flat on my name (sole owner) by selling another flat which was on my father’s name. In order to save LTCG , can i add father’s name in registered sale deed..? what are the ways.?
    Can i make addendum to the registered sale deed to add father’s name..
    Please Reply.

  • Hi , very informative article.
    Have a quick query, I am planning to buy a property , me and wife both will apply for home loan and both will be the joint owners in the house.
    But wanted to check if I want to add my mother as well as 3 rd owner so will it attract extra stamp duty or something or can straight away add her ?

  • My husband has bought a residential property. The property is under construction and its possession is pending for early next year in 2020. The property was bought before our marriage, hence he added his mother as co-owner of the property. Since me and my husband are paying the loan jointly, my husband wants to replace his mother name with his wife name. This will also help me avail tax benefits of house loan.
    What is the best way to change the co-owner before or during possession?

  • Hi Sreekanth,
    I have made an agreement to sale (not sale deed) with Builder for purchasing a property (Which is under construction now) in my name. Now, I want to add my mother as Co-owner in the property to avail tax exemption under LTCG . Is it possible to add Co-owner in agreement to sale?

    If not, What other options are available?

    Because, sale deed (In which I can add my mother as co-owner) can be executed only after possession (may be May-2021) of property & Capital gains account need to be closed on or before Jun-2020 (i.e. Within 2 years after sell of property).

    Please advice..

  • Dear Sir,
    I have purchase a house at Pune 3 years before which is on my name. Now am a Senior citizen and wants to add my spouses name as co-owner. Kindly sent me the Maharashtra Government notification number to do so as my Village Panchyat is asking a copy of notification. Else kindly send me a format on my email address given below.
    regards,
    Commander Vasant V Sutar (Retd)

  • Hi Sreekanth,
    I have made an agreement with Builder for purchasing a property (Which is under construction now) in my name. Is it possible to add co-owner while sale deed?

    • Dear Suresh,
      Yes, it is possible, but do let your builder also be aware of this in advance.
      If you have taken loan then you need to inform your banker/lender as well.

  • Hiii Shreekanth, I bought a flat in pune. sale agreement were done. in 2018. Now I want to add my mother name as a co-owner to avail the benefits of Pradhan Mantri Awas yojna. What is the procedure of this.

  • Hiii Shreekanth, my husband bought a flat in bangalore in 2018. Now we want to add my name as a co-owner to avail the benefits of PradhanMantri Awas yojna. What is the procedure of this.

  • Hi Sreekanth, We are in the process of purchasing the home/Flat. We want to buy the home on both Husband and wife’s name. I am working women, so without submitting my bank documents/ salary details can we buy the home on both name.
    Simply, though I am working we want to buy the home only on the income details of my husband but home should be on both names.So can we do in this way. And if we can do it so what is the process.

  • Thanks for this article..It solved most of my doubts..
    I would like to know; can owner still transfer property share if the owner has a bank loan on it?
    Thanks.

  • Hi Sreekanth,

    Me and my brother purchased a flat and i was the co-owner of that flat.
    I have given all my share of this flat (50%) to my brother as a Gift deed. now i do not have any share in this flat but my name is still there in loan as co applicant.
    Now i want to purchase a new flat with my name, so i was in doubt that whether i can get the benefit of PMAY or not.
    Please suggest your thought.

  • Hi Sreekanth,

    I am a married woman and I have brought a new home for my parents. Since they are paying half of the amount and I have taken loan for other half, I want to add them as a nominee for this property.

    I do not want them to add as co-applicants but co-owner. Is there any way to do this?

    Regards,

    Shilpa

    • Dear Shilpa,
      Has the property registration completed?
      You mean to say that they are gifting you some lump sum amount and for the balance amount you are applying for a home loan (individually).

  • Hi Shreekanth,

    I am a co-applicant in home loan with my father but not co-owner of the property, The EMI payment is done from my bank account. in this case neither me or my father can take tax benefits? any suggestions how i can take tax benefits on the loan. DO i need to add myself as co-owner or gift deed of certain % share can help me out in this ?

  • hi,

    I want to apply for PMAY subsidy but the sales deed of flat is in my (husband) name while in loan document my wife is co-applicant.
    I read in some article that the name of female should be as co-owner in property if she is co-applicant.

    pls suggest is it true if yes than how to add my wife name? and I add the name is it consider for subsidy?

    pls reply urgently..

  • Hi Sreekanth!

    My husband has a property with the joint venture with his mother. Now he wants to add my name to the property.
    Could you please suggest the easiest way? If we go for gift deed, still he has to repay the 2% tax of property valuation?
    Because the property is already a registered on my husband and his mother’s name.

    Thanks.

  • Hi Sreekanth,

    We bought a plot for house construction and it is registered in my husbands name, now can the house be registered in my (wife) name?

  • Hello Sreekanth
    I owe bunglow which is on may name through a Registered will of my late uncle.I want to make my wife 50% property owner. This is in Maharashtra. Please advise a correct way.

    Regards
    Shashank

  • Hello Sreekanth,

    I am the owner of a flat in Mumbai since last 30 years. If I plan to gift 50% of the flat to my wife, and in future if I plan to sell the apartment, what are the tax implications for my wife and myself?
    I thank you for your time.
    Balaji

      • My son-in-law and daughter jointly holding property and they are selling to resident indian. Son-in-law and daughter are NRIs. Son-in-law doesn’t have a pan. Daughter has pan. Can TDS be deducted with pan no of daughter. Is it allowed. If so, will there be any problem in getting refund from IT dept

        • Dear Raman ji,
          I do not have clear-cut answer to your query. Suggest you to kindly consult a CA.

          “Current TDS Rate under section 195 is 20.66% for Long Term Capital Gain and 33.99% for Short Term Capital Gain. In case of NRI Seller, income tax slab of NRI is not considered for TDS on short term capital gain under section 195 i.e. TDS rate is fixed at 33.99%. Whereas in case of Resident Indian Seller, Short Term Capital Gain Tax is payable at the Marginal rate i.e. as per Income Tax Slab of the individual. If NRI does not have PAN or does not produce PAN then TDS Rate will be 20% even if Assessing office issue NIL / Lower Tax Deduction Certificate under section 195 or Tax Exemption Certificate.”

          You may kindly refer to this article ..

  • Hi,
    I have a house in Kerala, for which I am the single owner. How can I make my son a co-owner in the property – as a joint tenant (so that the property gets transferred to the survivor), with minimum tax implications?

    Thank you

      • Hi Sreekanth,

        As I understand, for joint tenancy there are some conditions e.g unity of time, unity of title etc. (mentioned here: https://goo.gl/QQ9BPt). Would these be satisfied if I execute a gift deed? Are you saying probably I should execute the gift deed to transfer the property to ‘myself’ and my son?

        Can you please let me know?

        Thank you

        • Dear Mr Kurian,
          I am not sure about ‘joint tenancy’.
          If you want to make your son a co-owner of the property, you can gift a % share in your property by executing Gift Deed.

          You can write a WILL regarding your share in the property (balance %), this share he can inherit from you..

  • Hello Sir, I am planning to buy a house in delhi and my wife will be a co-borrower in the home loan. However the installment will be deducted from my salary only.

    Now i have 2 queries regarding the same.

    (1) While going for Registry of the flat, do we both have to add our names in it, or we can just have my wife’s name in it.
    (2) If no.1 is allowed, (Registration on wife’s name only), will i be able to get the Home loan interest rebate while filing income tax return. or if we both will be able to do so.

    Please advise.

  • Hi, Your help is highly appreciated.

    Actually the land is in my mother’s name and we started constructing the house in that. We have taken a house loan on her name and i am supporting person for the loan, i.e. Bank has taken all my income details etc and given the loan(Not sure that means i am co borrower). Now how can i claim the income tax on interest repayment as i am not the co owner of the property.
    1. Can we do a Gift deed of land now as the construction is half way.
    2. if we do a Gift deed, how much minimum portion should i get as a Gift deed while considering the 1. Savings on the registration charges, 2. I need to claim the full tax benefits as i am paying the full EMI.

  • Hi Sir,

    Can I get tax exception on home loan for constructing a house in my wife’s property? If it is not possible, how can I be co-owner of the property? What are the charges for gift deed if my wife has to share the property ownership with my name?
    Since the property is actually purchased by me, can I show it as my property as per Binami act 1988? If yes, what is the procedure?

    Thanks,
    Anil

  • Hi Sreekant. I purchased a flat from a reputed builder in bangalore very recently. But the bescom connection has not been regularised till date stating reason as – building close to 11kv line of power grid corporation of india. Bescom vigilance have also filed a case against builders for alleged theft of power and fined 50 lakhs. Is it worth staying in this apartment or is it wiser to dispose of the flat. Cc and oc not issued by builder till date. Unapproved electric connection supply still present inside the apartment premises. Please advise. Thanks. Rajesh.

  • Hi,

    I own a commercial property which was bought some 5 years back and i receive Net rent of Rs.8,00,000/- per annum, I wish to receive half of the rent in my wife’s name ( in order to save tax).

    Will a registered ( stamp duty paid) gift deed do the job?

    • Dear Nabros,
      If you GIFT the property (can be a share in the property) to your spouse, any income received on it will still be clubbed to your income only.
      “If a wife receives a house as a gift from her husband, the gift will not be taxable as income in her hands. However, if she lets out the house and earns rental income, such income, instead of being taxed as her own income, will be clubbed with the income of her husband and taxed as his income. ”

      However, if you relinquish a portion of ownership in the property, then clubbing of income provision is not applicable.
      Kindly read: 5 ways of transferring your real estate property!

  • Dear Sreekanth,

    Appreciate your help in resolving people issues related to property.
    It would be great it you can address my issues too.

    I have taken a property in Noida extension in 2013 and it is still under construction. The property was taken in Name of my Wife only but the Home loan was taken jointly with Wife as Borrower and my Name as Co-Borrower.

    Now, I have following concerns related to same.
    a. I bought the property with my Wife Maiden Name only. Now, I want to change the surname in builder buyer agreement as registration has not yet happened and it is still under construction. Is it possible to do this before registration? If yes, please suggest how to proceed.
    b. I also would like to add my Name as Joint Co-Owner of the house (50%). Please advise if it is possible before registry and possession.
    c. What would be the tax liabilities and expemtions in case my Name would be added. Will I be eligible too to claim expemtion on interest paid during under contruction time

    Many Thanks & Regards
    Kapil

  • hi sreekanth

    Actually i got a property on my wife name before 2 years. now i would like to add my name as the co.owner of the property. could you please help me in this

  • Dear Sreekanth,

    I have my name as a joint second name with my brother in the house that my dad constructed. Meaning his name is first and my name is second. I have moved out of country and am afraid my brother will try to remove my name from the property.

    I will like to know if he can remove my name from the property papers without my consent??
    If yes, then how can I prevent this from happening??

    Please help.

    Thanks

    Rajiv

    • Dear Rajiv,
      Legally, without your consent you can not do so.
      Kindly visit the concerned State Registration dept website, check if you can access EC details online. If so, once in a while you can keep a track of ownership details for the said property.

  • HI SREEKANTH,
    I AM BUYING A FLAT AND HAVE SIGNED AGREEMENT IN JOINT NAME WITH MY WIFE, REGISTRY STILL PENDING TO BE DONE, NOW CAN I DO REGISTRY WITH MY NAME ONLY ? ALSO I HAVE APPLIED FOR THE LOAN WITH AGREEMENT COPY HAVING ME AND MY WIFE NAME SO DOES IT REQUIRE TO AGAIN SIGN NEW AGREEMENT FOR BANK FORMALITIES?OR MY BOTH BANK AND REGISTRY WORK CAN BE COMPLETED WITH OLD AGREEMENT HAVING BOTH NAMES?

  • Hi, Me and my wife are the joint owners of a flat. The loan on the flat is still going on and we are paying the EMI’s. I wish to replace my wife with my mother as a co-owner of the flat. My wife is ready to transfer her rights to my mother. My mother is not earning and my salary is enough to pay the EMI’s (incase the bank wants to access my eligibility again to manage the EMI’s alone) What is the procedure to replace an existing owner with the other one and how much time would that take .
    Warm Regards

  • Hi Sreekanth,
    BDA allotment in KG layout, during the registration of site i.e, when buying the site after final list allotment, does it need to be booked in both husband and wife name or only one of the them?

      • Dear Sreekanth,
        The application had information regarding only the applicant and no clause related to lease cum sale or sale deed. But looks like now they will implement lease cum sale, so was curious to know as it is original allotee will the spouse also be part of the sale deed after lease cum sale is expired?

  • Hi Sreekanth,

    I got into an agreement with a builder for purchase of undivided share of land and construction of a apartment. Now can I register the property in joint name. ie my name and my wife name.

  • Hi sreekanth,
    Recently i purchased plot in kota , rajasthan under auction from govt. Approved uit. During auction i forgot to put my wife’s name as co-owner. Yet they have not issued me any letter regarding allotment.. now how i can add my wife’s name as co owner… Do u have copy of any law/artical … I have a copy of article dated 1979 stating that one can add spouse name but official said now there are amendments but fail to provide me same… Pla reply to me

  • Hi Sreekanth,

    The flat in which I stay is on my fathers name & currently our building is going for redevelopment.

    I wish to increase flat area by purchasing additional beyond what we have.

    This additional purchase will be done from myside by contributing with homeloan and for the will have to get my name registered as the owner to be eligible to get loan.

    Request to please suggest full / co ownership options to understand and take a right decision

    • Dear Kishor,
      I believe that you and your father can be co-borrowers of the property to get home loan.
      But if you would like to claim tax benefits on home loan then you need to be co-owner of the property too.
      Your father may gift a portion of the flat area (share in ownership) to you and then you can increase your share by further contributing to the extension of area.
      This is going to be a tricky one. Suggest you to take help of CA and lawyer too.
      Read:
      5 ways of transferring your property!
      Gifts & Tax implications.

  • Hi,
    We are planning to buy a new flat , my parents are gifting me some amount & with that we are buying ..problem is they want ti put on my name but am housewife no income ..my husband is applying loan for remaining amount required for flat. .can it br registered on my name. .or only earners name should be registered..am not earner so am I not eligible

    • Dear sirisha,
      Registering in your name is possible and it is not an issue.
      In case if you receive any notice, you need to justify or prove the sources of funds to the IT dept.
      Kindly note that the Registrar of properties will have to report purchase & sale of all immovable property exceeding Rs 30 Lakh to the Income Tax authorities.

      Read : Gifts & income tax implications.

  • Hello,

    My husband& I Living in Sydney and have bought a plot in Bangalore which we now need to register. The plot is bought as joint holders. I will be going to India for 4 month vacation but My husband will not be able to join with me. The question is while i can execute the registration as one of the holders can My husband give me POA to execute on his behalf too? OR do He need to give a POA to a third party (one who is not a joint holder). How do He go about the POA – do He need to get this prepared in sydney or get it done in India and notarised by Indian consulate. Need your suggestion pls
    Thanks
    Vani

    • Dear Vani,
      This can be done through a POA given to a third person. He has to approach local consulate office. Suggest you to take help of a lawyer who is an expert in NRI taxation or property matters.

  • Hi Shree,

    We have purchased flat in pune 3 years back at that time because of my salary constraints we decided to put property on my Brother’s name and currently from his account the EMIs are cut it off. I am acted as co-applicant, now we decided to put the property on both names so i want to be a co-owner of a flat so i can also contribute in EMIs . Whats the process of becoming co-owner of a flat for me ?

  • Hi Sreekanth,

    I am buying a property in Bangalore and planning to register it under my name and my wife’s name. But my wife is in US and cannot travel with me for registration. Can I still include her name as the co-owner for the property while registration ? Want document will have to provide for her absence ? Can you please provide your thoughts on this?

    • Dear Shivakumar,
      NRIs can invest through their representatives in India with a power of attorney to act on their behalf. A copy of the power of attorney should be notarized with the Indian consulate in the respective country. This will give it authenticity. Suggest you to to take help of a civil lawyer or any legal expert who deals with NRIs.

  • Hi Shreekant,

    I , my brother and father are joint Co-applicants of two properties in Mumbai. Now we want to remove my name from one property and my brother’s name from the other property. Please let me know the charges for deregistration of my and my brother’s name from the respective properties and the process to go ahead.

    Thanks,
    Sachin

  • Hello Sreekanth,

    My husband had purchased our house in Mumbai with his name first and added his mother as co-owner in agreement as he was unmarried at that time.

    Now as he has paid the home loan off we want to make a gift deed in which my mother in law should gift her share to me/or my husband.

    Can my mother in law gift her share to me directly or do we first need to make her gift her share to my husband and after that is done ,he gifts his 50% share to me.
    Do we have to do gift deed twice or this whole thing can be done in one process?

    Also please explain about ‘How to make a will?

    Thanks in advance
    Sushma

      • Hello Sreekanth,

        Thanks for the reply.

        We are thinking that we can request my mother in law to gift her property share to my husband. After it becomes his sole ownership he can write a Will stating that the property would be passed in my name.
        Would this have any risks considering he has a married elder sister and younger brother.
        Is this option fool proof and help us in avoiding clubbing of income implication.

        Please advise.

        Thanks
        Sushma

  • Hi Sree.

    I have bought a flat in 2012 and I have taken a loan with my name and my Wife’s name. My mother -in-law helped me with some amount. Now I want to add my mother – in – law also as a co-owner in sale deed.

    Will bank allow me If I want to add my mother-in law also in a sale deed ? If yes what is the process.

    Regards,
    Kishore

  • Hi,
    I have registered my flat in 1992 and staying registered CHS. Now because of my health conditions I don’t know how many years will live. Would like to add my wife’s name in the registration of the flat as joint owner. Can you advice me how to go ahead

    • Dear Savant,
      If you want your wife’s name to be added as a co-owner of your property, then gift 50% percent (or any ratio) of the property by registering a Gift Deed in her favor. Stamp duty for gift deed would have to be paid .

  • Hi Sreekanth,

    I m selling my flat & its in the name of my father (First name) and mother (Second Name) so I have following queries

    1. Can I take full Flat value in my mother’s name ?
    2. Suppose if I take Flat value in both names Father & Mother (50%each), so in future v r planning to buy new flat so can we add my father & mother name in new sale deed along with my wife, so total person Father, mother, wife & myself (Me n my wife will take loan & father and mother’s name to claim TDS refund and to avoid capital gain tax) ?

    Regards,

    Ankit

    • Dear Ankit,
      1 – Father & mother are co-owners of the property, so both of them will be recipients of their shares from the sale proceeds.
      2 – If they are co-owners of the new property, the tax exemption on LTCG would be limited to their share in the new property.

    • Hi Sreekanth,

      My father gifted me the flat we are staying. Now i want to include my wife as a co owner of the flat by way of Gift Deed. Please let me know the cost involved in this process. I am from Mumbai.

  • Dear Sreekanth,

    I had purchased a plot using some savings and a LICHFL home loan. The property was purchased under my name only.Can i add my wife name in sale deed?

  • Hu Sreekanth,

    Very interesting information. I had a query. Me and my husband are planning to buy an apartment on my name. The loan shall be on both our names and we shall open a joint account for the same. Is it possible for my husband to pay the loan if the apartment is only under my name? Also, what if we take the loan only on my name since I earn. And then if I want the money from my husband, is it possible for him to legally pay me every year whatever I pay as loan instalment for the apartment?

    Thanks

    • Dear Sweta,
      Yes, it is possible and acceptable if the EMIs are paid by your husband only (in case of joint home loan).
      Kindly note that as the property is on your name, your husband can not claim tax benefits in case if the EMIs are paid by him.

  • Hi

    I am paying for a apartment in Hyderabad which has my name and dads name. No loans. During registration can I make my spouse the sole owner? What is the process ?

  • Hi.
    I bought a flat.i added my fathers name cause of home loan co applicant.now i want to register my flat on my own name.is it possible to eliminate my father name on flat registry still loan is running and i am paying whole payment.

  • Hello Sreekanth,
    My father is a farmer and he has 7/12, so if he purchase Agriculture land is it possible to execute Gift deed and transfer 100% ownership of the Agriculture land to my spouse? My spouse doesn’t have her name in any 7/12
    Thanks,
    Amita

    • Dear amit,
      If your spouse is not an agriculturist then I don’t think it is possible to GIFT agri land to her.
      This rule is applicable in most of the States.

  • Can me and my wife get equal tax benefit if both have ownership (70:30) in apartment and the home loan is taken jointly.
    If the interest for FY is 1Lakh and principle 1lakh, can me and my wife claim total 2lakh each for tax exemption? i.e. 2 lakh for my wife and 2 lakh for me?

  • Hi Srikanth

    Myself and My father are co-owners of an apartment and it is being serviced by a home loan.
    How can I tranfer the ownership to a single owner…either my name or my fathers name while having home loan.

    Thanks

    • Dear Sam,
      Your father can gift his portion of the property by executing a GIFT DEED in your name. You have to inform about this to your banker/lender.

  • Hi sree… I am Vani currently staying in Sydney. We r planning to buy a land in bangalore my husband is working in Sydney , since I am house wife can i get a loan in my name ? Or need power of autony in my name ?he wants to register property in my name & later add his name using gift deed. Need ur advice.

    Thanks
    Vani

    • Dear Vani..It is very tough to get a loan if you are an earning individual. Your banker (lender) might ask for including your husband as a co-borrower to the home loan. The property can be held in your husband’s name or can be jointly held.

  • Hello Sreekanth,

    I have house in my name (registered in my name) and housing loan in both my & my wife’s name (my wife is housewife and she is not earning). We have left out the GF for rent. Can I make house agreement in my wife’s name?. is there any problem?. This is to avoid IT. If yes, do I have to declare Rental income under Sec 24?.

  • Hi Sree,

    I have bought a property in my name and dad’s few years back in noida extension and currently need to get it registered (the registration paper has already been purchased by the company agency). I would now like to add my wifes name in the property so that she can get the rent benefits etc. BTW I also have a joint home loan in my dads name for this property. What would be the best way to go about it during the registration process?

    Thanks a lot for your help.
    regards,
    resil

  • Hi shreekanth,
    I ave included my wife’s mausis name in the home gareement which i recently puchased. She also contributed for puchasing the flat. She does not have any legal heirs and will b staying with us.
    Now I have applied for home loan from LICHFL and LICHFL has raised objection saying she cant be included in the agreemnet. I am ready to issue any indemnity bond or POA if required.
    Pls suggest the way out

  • Hi Sree,
    I solely own a flat it also has a ongoing loan. I am getting transferred to US, hence have to rent it out.. Question is what needs to happen if I want my wife (a home maker) to earn this rental income.

    Can we do it just by having her name in rental agreement.

    • Dear Neeraj..You may have to get her name included in the sale deed or you can execute gift deed, mentioning the % of ownership.
      Accordingly she can claim the rental income to the extent of ownership share in the property.

      • Hello Sree,

        I have flat that is in my name and the home loan is also in my name. Since we are moving town, i want to rent the flat and want my wife to be the recipent of Rental-Income as she is a home-maker and it will benefit her and me also for tax-purposes. What do i need to do to make her earn the rental income? Can i simple make rental agreement with her name and Pan details or Do i need to 1st transfer property- ownership to her??

  • hello,
    I am taking a home loan for a property in Kolkata in which me and my father will be applicant and coapplicant. As per Banks approval and also our consent, Registration will be in name of myself only.

    But in registration, is it possible to add my wifes name also along with me?
    Bank is saying no to it, as she is not coming as coapplicant in loan. Please suggest if any chances are there to include my wifes name in registration of the property.

  • Hai Sreekanth,
    We have a plot with my wife’s name, now we are planning to change on both of us names. Is it possible adding my name (husband name) into that plot registration deed. If it so, what is the process we have to follow. Pl. give your suggestions.
    Thanks advance for your suggestions. We appreciate your help
    Mahendar

    • Dear mahendar,
      It is possible but can be costly.
      Another option can be through GIFT DEED. She can gift a certain % of share (ownership share) in the property to you by executing a Gift Deed.

  • Hi Sreekanth,

    Thanks for such an informative article.

    I had a slightly different query.

    I had purchased a flat using some savings and a home loan. The property was purchased under my name and my wife’s name.

    How do i determine the ownership percentage. There is noting mentioned in the agreement.

    I am talking from purely a TDS on payment perspective where each owner has to file the TDS seperately.

    Appreciate your help.

    Thanks

  • Hi Shreekanth,

    We have a property a home which is own by my father. Is it possible for me to took a joint home loan on the property with my father for renovation purpose, though I am not a co-owner of the house.
    Appreciate if you suggest other possible aspects.

  • Dear Sreekanth
    I currently reside at a house which was initially on my grandfathers name. After his death it moved to my grandmothers name who was a co owner. Now she wants to move it over to my name completely as she is too old now. Can you help me with the process and the cost that can be incured in it.
    Thanks

  • Hello Sreekanth,

    1. Is it possible to give complete ownership transferred to my spouse by using gift deed ?

    2. Once transferred to my spouse, How about the rent comes from the home, incase it is rented out ? who supposed to show that income ?

    3. What is the cost will be incurred towards gift deed ?

  • can you show the gift deed format? or is there regular form to be filled to make gift deed of a house which is in my husband’s name
    and now he wants to add my name as co-owner

  • I registered my flat and i pay stamp duty in the year 2009 but now i want to add my spouse name in flat as co owner then what i do and how many charges for this process? & home loan is also my name only, then what is to be done for getting tax benefits for her also?

    • Dear Abhidnya,
      You can consider two things here;
      1 – You may include her as a co-owner by making a Gift Deed (mention ownership share in the property).
      2 – Then you can ask your banker to include her name as the co-borrower (in fact they can include her name even without making a gift deed, but if she is not a co-owner then she can not claim tax benefits).
      Read: Joint home loan & Income Tax implications.

  • I registered my flat and i pay stamp duty last month but now i want to add my spouse name in flat as co owner then what i do and how many charges for this process

  • HELLO MRS REDDY I AM PLANNING TO BUY A FLAT IN THE NAME OF MY WIFE AS I AM WORKING OVERSEAS BUT I WILL BE PAYING ALL PAYMENTS FOR THE FLAT IT WILL BE AS A GIFT DEED BUT IN FUTURE IF I WILL BE WORKING IN INDIA CAN I PAY RENT TO MY WIFE AND CLAIM FOR MY TAX AND STAY .

  • I bought a land with house in Mangalore and i wasn’t there at the time of Registration due to i was in abroad. So land was registered with my brothers and mothers name arround four years ago. Now i want to add my name on that. There is no objection from my brother and mother to add my name on that. Can you please give some ideas in that?

  • Hi Sreekanth,

    Thanks for the blog. It is really helpful. My query is below.
    I purchased a flat in 2013 December and it is ready for registration in 2016 April. When I made the sale deed, I included only myself. Now, I am planning to add my spouse name also in the agreement before registration. I got the inputs from above thread that I can do this easily.

    I have taken bank loan of 40 lacs for this house. And I am planning to sell a property (plot) on my spouse name to clear this loan . Now , the question is , Capital gains that I get from this plot sale can be used for my home loan payment ? If so, do they consider the registration date ( April 2016) or sale date ( December 2013) to account when it comes the time span of considering capital gains investment ? If I sell my plot in May 2016, the flat I bought can still be considered under investment for capital gains ?

      • No Sreekanth. It is not registered yet. We are planning for registration in the April 2016. Yes. My name is included in sale agreement which made during the time of purchase/booking the flat.

        • Dear Suresh,
          You can include your wife name in the Sale Deed, that should not be an issue. But suggest you to inform about this to your builder too. If he insists on new sale agreement to be made, you may get it done.

          • Hi Sreekanth,

            I have a similar case where the property agreement is in my husband’s name. It is still not registered. He wants to add my name in the registration and as a co applicant for home loan. The bank needs the NOC from the builder for adding me as a co owner. The builder wants to make a new agreement for the same. Will the new agreement have any other change (like new rate or cost of the property) other then adding my name. Will there be any financial implication like paying new additional money for the property (as the property rate has appreciated a lot in the last 5 years when we bought this property). Pls help.

            • Dear Meenu,
              Ideally the builder may charge you some money for making a new Sale agreement.
              But again it all depends on the rules, clauses & terms/conditions followed by your builder. Kindly check with the builder.
              Is it an under-construction property for the last 5 years??

              • Yes it was final handover is still not done by the builder. We have made entire payment.

  • Very helpful blog. I am planning to buy an apartment in Hyderbad. The construction is going on. We paid part of the payment and sale agreement is made under my name. The construction will take another 2 years. When we do the registration, I want to include myself and any mywife as the owners of the flat. Is this possible to do? Do I need to change anything in the sale agreement made between me and builders? is it ok if I do the remaining payment using my wife cheques?

    • Dear Amit,
      It is possible. If you are planning to do the payments using your spouse’s bank cheques, suggest you to include her name in the Sale agreement.
      Inform about your plan to your builder.

  • Hello sir,

    Very helpful blog. I am planning to buy an apartment in bangalore. The construction is going on. We paid part of the payment and sale agreement is made under my name. The construction will take another 2 years. When we do the registration, I want to include myself and any mywife as the owners of the flat. Is this possible to do? Do I need to change anything in the sale agreement made between me and builders? is it ok if I do the remaining payment using my wife cheques?

    thanks,
    srinivas

  • Hi sree I had purchased a flat in my name at Bangalore in 2015 wherein i took 24 lacs as loan and 35 lacs were given to me by my mother by sale of a plot in her name. the flat is registered in ,my name. Now to save on the capital gain tax , how can I go about it? can I make my mother co owner or shall I make a gift deed of 50% share of the flat in her name. Please guide and let me know that by when I would have to pay the capital gain tax and how to save it in this case?

  • Hi Relakhs, My dad constructed a house in the year 2008 using home loan given by bank. While applying for home loan me and my dad were the part of the home loan. The house is in my dad’s name. My dad got retired and
    I am paying the House loan. can i avail the Principle and Interest deduction from my salary for tax exemption although i am not the owner of the house ? Bank loan was taken jointly.

    Thank you

    • Dear Padma,
      Since you are not a co-owner of the property, you will not be able to claim any tax benefits on the EMIs being paid by you.
      To be able to claim tax benefits, your father will have to add you as a co-owner of the property by taking prior permission from the bank. He can do so by executing a gift deed in your name on stamp paper and getting it registered.

      Kindly read : Joint home loan & Tax implications.

  • Can it be possible to add wife name in 7/12 extract of Husband as a coowner n what r the options , but dnt want gift deed as the loan has to be take over from existing bank to other bank kindly guide

    • Dear Rita,
      The 7/12 extracts’ is an extract from the land register maintained by the revenue department of the government of Maharashtra.
      If wife is not the co-owner of the property, it may not be possible to add her name in the register.

  • I am a member of a residential Society RWA . My husband owns a flat in the society. While doing the registration of the flat my name as co- owner was not added. He is 70 years old and I am 67. Now the problem is that a member of an RWA should be either owner or co owner of a flat in that society. I want to ask how will my name can be added as co owner of the flat ? How can my name be added as co owner of the flat without paying any money? My husband retired in 2005. Please reply. I don’t want to lose my membership in the RWA.

    • Dear Sharmila,
      Your husband can gift an ownership share in the property to you. You can get this done through a Gift Deed. The cost involved in this process is very nominal compared to getting your name included in the SALE DEED.

  • Hi Sreekanth,

    I want few information about my issues
    Loan was taken by my wife before marriages and now she is not earning . I am doing loan ECS payment through her account.
    Now there is some issue and bank is not disbursing the reaming loan amount and my builder is asking to transfer the Home Loan to other bank.

    Not sure how this can be done. Is it possible that bank cam add me as Co-applicant of my wife loan . and later we can initiate to loan to other bank.

    Any other suggestion ??

  • Hi
    For a property that is currently under construction, I have taken home loan in my name. I am working while my spouse is not working. During UDS registration, can i include myself & my wife as co-owner of the property?

    Is there any issue in that, what is the process? Please advise.

    Thanks
    Hari.

    • Dear Hari,
      Yes, during the registration of property you can include your spouse’s name as the co-owner of the property. At the same time, I believe that you may have to inform you lender (banker) about this.

      • Dear Sreekanth,

        I bought a flat in Bangalore at Varthur. I have taken loan with my name and my wife is a home maker. My house agreement doesn’t have my wife’s name added. Now when I ask to keep my wife’s name in the Registration, Our builder says it is not possible and it should be added in the agreement. Can you please give some ideas in that?

        Regards,
        Naresh

        • Dear Naresh,
          Your wife’s name can still be added in the ‘sale deed’ though not mentioned in the sale agreement. But if your builder is not agreeing to it then you may have to first add it in the sale agreement and then Register the property accordingly.

  • Hi Sree. Good to see you come up with blog on personal finance. Plz write more articles on property related matters. All the very best.

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