Property ownership - legal & tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 July 2013
I am a salaried person and have sold a house in Delhi which was in joint name with my wife (I was the first owner and she the joint-owner and I had taken bank loan to buy the house and have since repaid it). I am buying a flat in Chennai (again jointly with my wife) from a reputed builder for which some advance has been paid. I am planning to go for registration. Except for a Rs. 2-3 lakhs which my wife is paying out of her tuition earnings, the entire payment comes from my earnings and the sale consideration of previous house only. Kindly advice, whether in this joint ownership, can I have my wife as the first owner and me as the 2nd joint-owner? What are the implications legally and tax-wise, I hope it won't tantamount to Gift etc? Pl advice in a lucid manner.
15 April 2017
Very old query, need to be closed now
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
