1) if property is bought in joint names of your self and mother on your demise your share in property would devolve on your legal heirs as per Muslim personal law

2) your mother would not be absolute owner of property

3) you can execute a gift deed to transfer property in your wife name after marriage

4) you would have to pay stamp duty and registration charges prevalent on date of transfer in Maharashtra

5) as far as capital gains on sale of property your mother has not contributed anything towards the purchase consideration, she will not be treated as a co-owner of the property for income tax purposes, even when her name appears in the agreement as a buyer of the property.

Sir to save the tax you have to transfer the property to your wife as gift and then have to wait for the period of three years to transfer the property(long term capital gain exemption is available only when the property is sold after period of three years from transfer).

On your demise the property shall be equally divided between wife and children.

Once gift deed is executed duly stamped and registered your mother woukd be absolute owner of property

2) The buyer is required to deduct TDS @ 1% on the total consideration and deposit the same in the account of the income tax authorities in the prescribed format.

Sir after gift for sale three years waiting period is there after that it would be your mothers only not considered as way to avoid tax.

Hello,

If you are the only child of your mother execute a gift deed in favour of her.

Regards

See being foreign citizen can be gifted property after permission from RBI further she will also have to pay same amount of TDS.

If the property is registered in her name she will have right upto that share in property.

if your wife is foreign national then also you can execute gift deed in her favour

2) wife / children have no share in property in event of divorce if property is in your name and mother name

3)they can claim maintenance from you

With regards to the capital gains you may note that since she has not contributed anything towards the purchase of the property therefore she will not be treated as the co -owner for the purpose of the income tax.

Your share after your demise will pass over to the legal heirs as per the personal laws applicable on you.

On your demise the mother will not become the absolute owner of the property.

Regards

Note that once the gift deed is executed, registered and stamped your mother becomes the absolute owner of the property.

1% TDS will be deducted by the buyer

In case your wife is a foreigner then property can only be gifted after permission from the RBI.

Rate of TDS will be same.

Regards

1. even if you make your mom a co-owner at time of purchase, when you sell the entire sale proceeds will be to your account and you will be liable to either TDS or capital gains tax

2. so you can register the property in your sole name

3.but when you sell the property you will have to bear full TDS/capital gains tax

4. so you can transfer 50% of purchase money to your mother's account and show that as a gift in your books of account

5. you and your mother then can jointly purchase the property wherein each of you will be 50% co-owner

6. so when you sell the property you will be liable only to the extent of your 50%

7. your mother can later on make a gift of her 50% share to your name - because stamp duty from mother to son is nominal 500 Rs. plus nominal registration fee

8. thus you would become the full owner of property

9. if you wish to make your to be wife a co-owner in the property then you will have to execute a gift deed in her name - for which too the stamp duty is nominal

10. on your demise your widow would get a fixed share of 1/4th in you property

Firstly, there is is no term called nominee, it is the buyer or buyers (if purchased in the joint names), therefore you can purchase the property by getting the registered sale deed executed in the joint names, of you and your mother, this can reduce the TDS for the NRI portion alone (if your mother is an Indian) ;

At a later stage if you want to include your wife's name to the property then you may have to execute a registered gift deed by transferring a portion of the property as a gift to her, by which she will become the third owner of the property.

Further your portion of property alone will devolve on your own legal heirs in case of an unfortunate death.

One more query, that had been surfacing in my mind, is that if I consider the option of registering a Gift Deed in favour of my mother, and after acquiring the rights to the property if she, like to sell the property, thereby inadvertently avoiding the TDS, applicable to the NRI's, would it admissible in the court of law, or would the gift deed be seen as a subject to monetary gain and a measure to avoid the TDS part on the NRI, as viewed by the court.

The proeprty even tough bought by you as a NRI, since you have transferred to your mother who is an Indian, by a registered gift deed, then she will become the absolute owner of the property.

After that the rules as applicable for the Indian seller of her own property shall be applicable and not the NRI rules.

You can transfer the property to your foreign citizen wife by a registered sale deed or by executing a registered gift duty.

FEMA regulations applicable to transfer of immovable property permit a PIO to acquire an immovable property in India by way of gift from a person resident in India provided the property is not agricultural land/ farm house/ plantation property.