LawRato

Query pertaining to the applicability of Contract Law


24-Oct-2023 (In Civil Law)
I have a property business in the UK that deals with property investment. The business is a UK registered Ltd. I bought a property in Delhi intended for the business in my name and my wife's name because I was told by the builder that foreign company can't own property in company name. I included my wife's name gecause she is from India and could deal with matters if problem arises. I now want to register a company in India and transfer the property into company name. This will help in expanding business. I asked my wife to do a transfer deed but she refused. I also said that I would give her a share in the company but she still refuses. The money paid for the company was from the company income. Is there anyway the company can compel my wife to transfer into the company name?
Answers (2)

Answer #1
926 votes
Although as per partnership act, a partner can put/contributed his/her property as common stock then partnership firm will be owner of property. Its may be possible you may appoint your wife director to company and decide her share and put/contributed his/her property as common stock, so its can be company property, but I am not fully sure, because its a matter of Tax Advisor, so first you confirm this your Chartered Accountant or Tax consultant.
Answer #2
599 votes
You can recover the property by filing a civil suit. Plead in the suit that infact you had the authority to use company's money and had used that money for buying property in your wife's name for your benefit. A man can buy property in his wife's name, it is not Benami transaction.

Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.

Report abuse?

Comments by Users

No Comments! Be the first one to comment.

"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."