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This document contains information regarding the benefits involved in buying a property on wife's name in India.

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What are the benefits involved when the property is on wifes name


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what are the benefits involved when the property

What are the benefits involved when the property is on Wife’s

name?

Women Empowermentis an ever glittering statement or a

campaign in India. When it comes to the news, Every State is

striving to give their best in empowering women. Of course,

what’s the link between women empowerment & Property

registrations? Isn’t it unrelated, absolutely not?

Let’s talk about the financial benefits of registering a

property on wife’s name.

Either it’s a joint or sole owner registration but Governments

& banks are providing a lot of benefits. Because of Property

exemption benefits, Home Buyers are usually showing

interest in registering the property on wife’s name. And add

up women count to the Realty Sector too.

what will be the tax benefits

What will be the tax benefits?

If a wife is a sole owner then tax deduction of approximately

1.5 Lakh per financial year can be seen. In the case of jointly

owned property, wife is also self-employed then both will get

tax deductions based on their share.

Deductions in Stamp Duty:

Home buyers can observe 1% or 2% of reduce in stamp duty,

when it is registered on Women. In Delhi, 2% of deduction is

observed on Stamp duty. Moreover, if you are fallen in debts

and then at that time property on your wife’s name merely

can’t be considered as recover for your loss.

State/UT

For Women

For Men

Delhi

4%

6%

Haryana

4% in rural areas and 6% in urban areas

6% in rural areas and 8% in urban areas

Rajasthan

4%*

5%

banks like sbi icci hdfc ltd are providing loans

Banks like SBI, ICCI & HDFC Ltd are providing loans for

women on lesser rate of interest.

Interest rate for woman borrower vs. others

Bank

Interest for Women borrower

Interest Rate for others

SBI

8.35 – 8.85%

8.4 – 8.95%

ICICI

8.35 – 8.7%

8.4 – 8.85%

HDFC Ltd

8.35 – 9.05%

8.4 – 9.05%

Experts view: It’s a good Idea to buy a property on wife’s

name, but she can enjoy the tax benefit, only when she is

solely employed. If it is a joint & any disputes aroused on the

property then both husband & wife will be dragged to the

court.

So, take better decision before choosing any property.

Source of information: Housing.com