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Should I register property on wife's name?- Property hotline
Posted
October 28, 2016
Views
12,374
Likes
75
Comments
6
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0.65%
October 28, 2016
12,374
75
6
0.65%
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6:07Now PlayingExpert: Kartik Jhaveri - Founder & Director-Transcend Consulting India Private Limited.
Question: I have a 4BHK flat and it is my first property purchase. My wife is a homemaker and I will be making all the payments. Should I register it in my wife's and my name or my name alone? Also, should I take the home loan in my name alone? Will this make a difference in case we are planning to buy a property in future?
Answer: As your wife has no income to report, she will not be able to claim any tax benefit on the home loan. From a social and emotional standpoint, you may choose to buy the property in joint names. Also, understand in case of a separation at a later date, this may become a problem. With regards to the home loan, only you will be able to apply hence the loan will be on your name. For subsequent property purchases the scenario may be different if your wife starts earning, else the situation remains same.
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