Throwing the door open for women empowerment in real estate sector, several state governments have given concession on buying property in wife’s name. It is really good idea and must be appreciated. The Delhi government is giving 2% concession on stamp duty, when one purchases property in wife name.
Finding it attractive, male members of the family have not left this benefit unattended and have used to their advantage. Buying multiple properties in wife’s name and then selling it within short span of time has done the trick for them.
A lot thing is talked, regarding women empowerment. Issues and solutions include social, economical, legal empowerment. But this act of some state government is really working out.
There are other reasons to celebrate. Joint registration has its own benefits. Property jointly registered in states like Delhi is given 1% discount in stamp duty. It is welcome sign. One more reason to smile is that, co owners can claim deduction up to 1.5 lakhs for the interest paid on the home loan if it is self occupied. In case the property is let out, the entire amount of interest can be claimed by both husband and wife.
The beauty of registering in your wife name is that when your business is running into loses, then your wife property is not be disturbed and remains independent and cannot be attached for claiming losses.
You can also gain some benefits with regards to wealth tax. But your spouse has to contributed for the purchase of the property to avail this benefit.
There are very few people who know about these facilities. It is really a good step by some state government in promoting gender equality.