Can husband buy property in wife name?

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Can husband buy property in wife name?

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September 24, 2021

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Aakarshit · Answer 1 · 2021-09-27T09:58:42+00:00

Buying a property is a big decision. With so many offers, opportunities and schemes couples may find it difficult to arrive at a decision as to whose name should the property be bought in. Property purchased by husband in the name of wife is okay or not? Can husband buy property in wife name? Is it a good decision? If you are clouded with similar questions, here are a few things which may solve your problem. Husband buying property in the name of wife - benefits There are many benefits of buying a property in the name of a female of your family. If you buy a property in the name of your wife there will be many benefits. Lower interest rates There are some obvious advantages if you buy a property in the name of your wife. Many banks offer lower interest rates on home loans, for example HDFC banks offer 6.75% p.a. Interest rate for women while 6.80% p.a. Interest rates for others. Discount on stamp duty charges Many state governments are providing reliefs to women who invest in real estate. In Delhi, there is a provision to save 2% stamp duty if the property is registered in the name of a female. Tax benefits If you buy a property in your wife’s name then you get an extra deduction of interest up to Rs 1.5 lakh per annum in case the house is self occupied or vacant. Even in the joint ownership arrangement and separate income sources of husband and wife both can claim tax deductions individually depending on the ownership share of each co owner. Although there are advantages in case of property purchased by husband in the name of wife but there could be legal complications in case of separation or divorce. If the complete ownership remains with the wife, it will require a little more effort for husband to prove his share in the property if the monetary contribution is made by him in any capacity. It is advisable to weigh in all the possibilities before arriving at this decision.

Advocate Apurva · Answer 2 · 2023-11-14T13:47:20+00:00

Yes, it is allowed for property purchased by husband in the name of wife judgement. A husband can buy property in his wife’s name. However, it is important to note that the property must be purchased through a registered sale deed and not through Power of Attorney. The husband can sell the property to himself as a buyer, but the sale must be done in accordance with the law, and the agent must act in the principal’s best interests while avoiding any actions that would benefit them personally. In India, various states reduce women’s stamp duty payments by up to 3% if they buy a home in their name. Given below is a chart of stamp duties in different states of India for women and men applicants:

State/ UT	For Men	For Women
Haryana	5% of the property value in rural<br>7% of the property value in urban	3% of the property value in rural<br>5% of the property value in urban
Delhi	6% of the property value	4% of the property value
Maharashtra	6% of the property value	5% of the property value
Punjab	7% of the property value	-

It is important to note that the tax benefits of having a property purchased by the husband in the name of the wife will differ according to their ownership stakes. Your wife can also deduct the entire amount of interest paid on a house loan if the purchased property is rented out. Both of you can also claim deductions up to ₹2 lakh under Section 24 for interest payments on your home loan. Lower interest rates on home loans are also available for women borrowers. I hope you got an idea can husband buy property in wife name in India. Get your legal woes resolved by experts at NoBroker. Read more - How to transfer property from husband to wife after death?

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