A person wants to purchase house in name of his wife but funds will be transferred from his own account.
whether this transaction is valid ?
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Purchase of house
Replies (5)
You may have 2 options for doing this transaction
1. Transfer the funds to his wife's account and then purchase the house
OR
2. Purchase in your name and gift the house to your wife by preparing a gift deed
1. Transfer the funds to his wife's account and then purchase the house
OR
2. Purchase in your name and gift the house to your wife by preparing a gift deed
Transaction is valid , show the amount paid either as gift or loan to your wife.
Okay, thanks Rashmi and Akshat
Sec 56 (x) (2) will be shown as gift.
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