How to add another Co-owner, after registration of new property

You can add a co-owner to your property quite easily. However, you should know that you will have to create a new deed and go through all the required processes, from documents verification to creating a deed. The registration of the new deed should be done at the sub-registrar’s office, to attain a legal validity under the Transfer of Property Act. You can either create a sales deed or a gift deed. Sale deed: This is the same like the typical registration of property while selling at the sub-registrar’s office. You will have to create a new sale deed and then you have to mention the proportion of the share in the property and the co-owner’s name. Additionally, you should know that stamp duty and registration charges would be applicable as per the new sale deed. Gift deed: You can share the ownership of your property by gifting a portion of the asset to the intended beneficiary. For this, you need to carry out the registration process for a deed of gift at the sub-registrar’s office. The stamp duty and registration charges will be applicable on the gift deed.

As a property owner, you have the option to grant co-ownership of your apartments, flats, houses, and land parcels, at any point in your life. Even though creating a co-owner in a property is mainly done to avoid legal issues that may arise during the property distribution after the owner’s death, the reason for taking such a step can differ from person to person. Read below to know the answer to your questions like “can a property be registered in two names”:

How to Add Co Owner to Property in India

By default, a joint owner will be the owner of half of the property, but the proportion of the owner can also be specified between the two persons. Check out the two ways for adding co owner to property:

Gift deed:

You can gift the property to anyone you want. For this, you will have to execute a gift deed duly registered with the sub-registrar under whose jurisdiction the property is situated. You will have to pay the required stamp duty and registration charges during the gift deed registration. When you gift your property to your relative, it is non-taxable under the purview of gift tax.

Sale deed:

You can sell a portion of the house to add co owner to house.  For this, you will have to execute a sale deed duly registered with the sub-registrar under whose jurisdiction the property is situated. You will also have to pay the required stamp duty and the registration charges.

Now you know how to add co-owner in property India.

Can a property be registered in 2 names?

The answer is yes.

Right of the Co-owner to a Property

A co-owner has a proprietary right to the whole property as per the Transfer of Property Act. So all transactions are required to be done with the consent of every owner unless particularly specified in the agreement. The co-owner has complete rights to decide whether to sell it, reside in it, or rent it out.

Advantage of Adding a Co-owner to a Property

If the joint owners or couple have availed a home loan in their joint name, then all of them can claim tax benefit under section 24 of the Income Tax Act and also separately claim the tax benefit under section 80C for repayment of principal under home loan up to Rs. 1,50,000 lakh each.

Now you know the answer to your queries on “how to add co owner to house in India” and “can a property be registered in two names”

Read more:

How to replace co-owner name in sale agreement?

What is the difference between partnership and co ownership?

This is all on “can a property be registered in two names.”

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Hey pal,

If you have recently purchased a new property, it is necessary to ensure all your paperwork is in order. If the property was purchased in your name, only your name will be mentioned in the title deed. I will share with you how to add name in property documents. 

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Legalities :

It is necessary to get the name of the co-owner added to all documents via legal channels. You will need to contact a lawyer who can draft notice or deed. The deed will need to be notarized by a notary or stamped by the court. 

I would advise you to read all the comments in the section to get an idea about how to add co-owner in property India with the help of gift deeds or sale deeds. 

A gift deed seems to be the easiest solution as the property can be given to the co-owner as a gift. You can give the property as a gift to more than one person. You will need to mention the division in clear terms in the deed. 

Benefits :

Knowing how to add name in house property is advantageous. As having co-owners allows the capital gains tax payment to be split proportionately according to their share in the property. There will be tax benefits under Section 24 and Section 80C of the income tax law as well.

How to add name in property in India?

You will need to get a new sale deed and register. If you have taken a home loan for the property. You will need to inform the bank about the new arrangement. The bank/ financial institution of your choice will also create a new home loan agreement adding the co-owner’s name to it. 

I hope my answer on how to add name in property documents helps you.

Read more: What are the property documents required for home loan? What are the documents required for building plan approval?

Hey, I was looking at Kubera Yantra and realised, most of them are expensive. I began to wonder if it would be difficult to make a Kuber Yantra of my own. Once I was confident in my skills, I searched for how to make kuber yantra at home. The process is difficult. I will share details about it below. 

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Kubera Yantra is an intricate design, crafted on a small metal plate, usually made of gold. I would have to craft details on a gold plate, which isn't possible without industry-grade products and machines.

Where to keep Kuber Yantra at home?

Lord Kubera is considered to be the ruler of the North and therefore the Yantra is placed in this direction. It is said that those who worship, Kubera Yantra with devotion end up gaining treasure, wealth and success in personal as well as professional life.

If you can't keep the Yantra in the North direction, you can keep it in the northeast corner of the house.

To summarise, Kuber Yantra where to keep.

According to Vastu shastra, the North or northeast direction is considered to be the most auspicious.

You can keep the yantra in your wallet/money purse/cash counter/pooja ghar as well.

Kubera yantra benefits :

Kuber Yantra attracts better opportunities, and brings good fortune and prosperity.

It removed obstacles from the life of the devotee, especially financial ones.

Those who worship the yantra daily, get showered with prosperity and an abundance of food and wealth.

Just chant the Kuber mantra 21 times as I do. The mantra is Om Hreem Shreem Hreem Kuberaya Namaha.

This is all from my end on how to make Kuber Yantra at home.

Read more : How many kuber idols can we keep at home? How many idols can be kept at home? Where to place the Kuber idol in the house?