Benefits of Purchasing a Property in Your Wife’s Name


While the idea of Buying Property in your wife’s name may sound like an odd concept, it truly is a smart and well calculated decision to make, given the benefits that it provides.

Firstly, in many states such as Punjab, Haryana, Rajasthan and Uttar Pradesh offer a slightly discounted rate on Stamp Duty. Where Delhi offers 6% stamp duty to men, it offers 4% to the women and this is seen as a step towards women empowerment in the country. Stamp duty is the tax that is paid to the state government when an individual invests in a property and has it transferred in their name and ownership. While in many states there stamp duty charges differ from that of men and women, the state of Maharashtra gives equal stamp duty for all genders, i.e., 6% tax is to be paid n purchase of any property.


The idea behind providing these discounts and benefits is to empower women of the society with more assets in her name. Eventually, this concept helps in the economic well-being and sustainability of a country in the long run as well.

Similarly, in the case of the buying property on woman’s name in the house, then the rate of interest levied on a home loan is also lower. While the difference in rates does not look like much, it makes for a significant difference if the loan amount is high. Financial institutions also tend to offer such differential rates on home loans only when a woman is the sole applicant for a property.

Secondly, it makes sense to add spouse as the co-owner of a property, as it helps in improved loan eligibility and offers tax benefits to both the co-borrowers on interests and other payments.  
 In case of joint applicants, incomes of all the borrowers are taken into consideration to  determine the loan eligibility and can enhance the loan amount. However, the rules state that the spouse must have their own source of income which can be provided as legal proof in the process of buying a property. In the absence of regular income, the property can be considered the asset of the husband.  
Additionally, there are other tax benefits as well. In case you plan to rent out the property,  rental income can be shared by both the owners and may attract tax at a lower rate. In this scenario, of a couple investing funds together to buy a property, the rental income would also invite tax for both, which would be divided according to the percentage that each has contributed.  
Due to the changing time and severe development of society and social structures of almost all countries across the globe, women are now given special rights out of which one is upon purchasing the property, in the hopes of improving economic, social and political health of a nation.  


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