• Transfer of property

Hi, 
Me and my ex-wife are living in sweden and have taken divorce here in Sweden. As part of the property division we decided to give my India property to my wife and I keep the house in sweden. The property in India is clear of all loans and is jointly owned. I am a Swedish national now and would like to give 100 percent ownership of that property to my ex wife. How can I do it without invite tax implications. Can the gift deed be still done and does my wife have to pay any taxes? Any stamp duty or registration cost? Please advice.
Asked 1 year ago in Property Law
Religion: Hindu

9 answers received in 1 day.

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12 Answers

You have to execute gift deed in favour of ex wife 

 

2)you have to pay stamp duty and registration charges 

 

3) she does not have to pay any taxes 

Ajay Sethi
Advocate, Mumbai
94722 Answers
7532 Consultations

5.0 on 5.0

It is possible to transfer 100% ownership of a property in India to an ex-wife via a gift deed without incurring any tax implications. The exact stamp duty and registration costs that will be required may vary depending on the state in which the property is located

Mohammed Mujeeb
Advocate, Hyderabad
19299 Answers
32 Consultations

4.7 on 5.0

Hello,

  1. You can transfer the property to your ex wife as a Gift Deed.
  2. There are no tax implications.
  3. If you do the Gift Deed as husband transferring to wife, stamp duty can be avoided and the registration charges are minimal. 

S J Mathew
Advocate, Mumbai
3548 Answers
175 Consultations

5.0 on 5.0

You can transfer your share in the property to her by executing a registered gift deed on her name. 

The applicable stamp duty and the registration charges are to be borne by her. 

T Kalaiselvan
Advocate, Vellore
84921 Answers
2195 Consultations

5.0 on 5.0

It is better to relinquish  your share in the property in favour of your wife by registering a release deed in her name.

According to income tax laws, the value of all the gifts received by a person during a year is fully exempt, as long as the total of such gifts does not exceed Rs 50,000 in a year. If the value of all the gifts taken together exceeds Rs 50,000, the aggregate of the gifts received become taxable without any threshold exemption. However, income tax laws also give a favourable treatment to gifts between two close relatives.

Please do remember that , after the divorce decree both of you are not relatives. 

 

 

Ajay N S
Advocate, Ernakulam
4073 Answers
111 Consultations

5.0 on 5.0

- There are two ways to transfer the said property in the name of your ex-wife.

- Since, that Indian property in joint name , then you can release your 50% share in her name after executing a registerted  Relinquishment deed to make her single owner of the property. 

- Further , you can also transfer your share in her name after executing a registered gift deed .

- However, gift deed is a better option , as she will have to pay only 1 % Stamp duty of the market value of the property , and registration charges is only Rs. 200/-..

Mohammed Shahzad
Advocate, Delhi
13222 Answers
198 Consultations

5.0 on 5.0

1. As you rightly suggested, you can gift your share in the joint property to your wife by executing Gift Deed in the jurisdictional Sub Registrar's Office.

2.  Alternatively, you can execute a registered Relinquishment Deed in favour of your wife relinquishing your share in the property, which has to be registered in the jurisdictional Sub Registrar's Office.

3.  The Stamp Duty for either Gift Deed or Relinquishment Deed is nominal in Karnataka.

Shashidhar S. Sastry
Advocate, Bangalore
5116 Answers
314 Consultations

5.0 on 5.0

For only godr deed she will incur stamp duty and registration charges.taxes only if she earns rent or other income from said property 

Prashant Nayak
Advocate, Mumbai
31951 Answers
179 Consultations

4.1 on 5.0

1. The decree of divorce obtained by you at Sweden is not valid in India until you get the said foreign decree validated by the appropriate District Court in India and till then she is your wife in India.

 

2. So, file the above application before the District Judge and before it is heard, register the said  gift deed in favour of your wife (she is still your wife in India).

Krishna Kishore Ganguly
Advocate, Kolkata
27219 Answers
726 Consultations

5.0 on 5.0

since the divorce has happened, if a gift deed is done then it will attract stamp duty as applicable for a sale

as you and your ex-wife are co-owners, you can make a release deed in her favour

again this will attract stamp duty and registration fee as applicable in the state in which the property is situated 

Yusuf Rampurawala
Advocate, Mumbai
7512 Answers
79 Consultations

5.0 on 5.0

Dear client,  

As per Indian laws, gifts from a spouse to the other spouse are not taxable. However, there are certain considerations to be kept in mind while transferring the property to your ex-wife's name:

Stamp Duty: The stamp duty rates for gift deeds vary from state to state. You need to check with the state government where your property is located to know the applicable stamp duty rates.

Registration Charges: Registration charges are usually a percentage of the property's market value and vary from state to state. You need to check with the state government where your property is located to know the applicable registration charges.

Capital Gains Tax: If the value of the property has appreciated since the date of purchase, there may be capital gains tax implications when you transfer the property to your ex-wife's name. However, if you gift the property to your ex-wife, there may be no capital gains tax implications as gifts between spouses are usually exempt from capital gains tax.

To transfer the ownership of your India property to your ex-wife, you need to execute a gift deed in her favor. A gift deed is a legal document that transfers the ownership of a property from one person to another as a gift. The gift deed needs to be registered with the sub-registrar's office having jurisdiction over the area where the property is situated. Both you and your ex-wife need to sign the gift deed in the presence of two witnesses, and the witnesses also need to sign the deed.

It is recommended to consult with a lawyer in India who specializes in property matters to guide you through the process and ensure that all legal requirements are met.

 

 

 

Anik Miu
Advocate, Bangalore
8879 Answers
110 Consultations

4.7 on 5.0

You can execute gift deed in favor of your wife. No tax complications.

stamp duty or registration cost payable - 3 or 4 % of the  District Level Committee Rate of the property. 

Yogendra Singh Rajawat
Advocate, Jaipur
22636 Answers
31 Consultations

4.4 on 5.0

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