Will it be possible for me to get a property registered under my wife's name which I bought when it was under construction and for which the possession is due in August 2017. I bought the property by taking some loan and by adding my own funds as well. I want to gift this property to my wife while keeping the loan under my name only. Also, are there any tax implications for this service?
Answered on November 08, 2017
It is permissible to gift the under construction property to your wife by way of a gift deed.
Further as the property is being gifted to wife (relative), there will be no tax liability under section 56 of the Income Tax Act. However stamp duty and registration charges needs to be paid as per prevailing state laws.
However clubbing provisions with regards to any income arising from the said property will apply.
Further as the property is being gifted to wife (relative), there will be no tax liability under section 56 of the Income Tax Act. However stamp duty and registration charges needs to be paid as per prevailing state laws.
However clubbing provisions with regards to any income arising from the said property will apply.
