In India, a husband can indeed sell property to his wife (and vice versa) as long as they follow the legal procedures. Here are some key points:
Sale vs. Gifting of Property:
When the owner of a property receives
monetary compensationfor the ownership transfer, it qualifies as a
sale.
If the owner does not receive any monetary compensation, it qualifies as a
gift.
A
sale deedformalizes property sale, while a
gift deedis executed for gifting property.
Selling Property to Spouses:
If a husband sells his property to his wife (or vice versa), they must prove that an
actual salehas taken place.
The transaction should be registered by preparing a
sale deed, following all applicable rules to avoid hassles during registration.
Gifting is often preferred among family members due to
lower stamp dutyimplications in many states.
Stamp Duty Considerations:
Stamp duty varies by state. For example:
In
Uttar Pradesh, the stamp duty on gift deeds for property transfers among family members is
Rs 5,000, with an additional processing fee of
Rs 1,000.
Sale deeds in UP attract a
7% stamp duty.
Other states may have similar variations.
Joint Ownership:
If the property is
solely in the husband’s name, he has the legal authority to sell it without the consent of his wife.
If the property is
jointly owned, both spouses’ consent is necessary for the sale.
Legal Consultation:
It’s advisable to consult legal professionals to ensure compliance with all legal requirements.
Remember that transparency, adherence to legal procedures, and understanding state-specific rules are crucial when dealing with property transactions between spouses.
Need help with legal scrutiny of property documents? Check out NoBroker Legal Services hereYour Feedback Matters! How was this Answer?
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Can husband sell property which was purchased by himself, without wife's signature? Will there be any legal issues surrounding it?
Rama Rao
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1 Year
2023-12-19T08:54:07+00:00 2023-12-19T08:54:08+00:00Comment
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