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What is the procedure of transferring a property to my husband name?
08-Sep-2023 (In Property Law)
What is the procedure of transferring a property to husband name? If wife is the first owner of the house and also co-applicant in the bank.
Q1. How can wife name be removed from co applicant in the bank and property both?
Q2. Is it possible through GPA if wife is not available physically.
Wife can transfer her share to Husbands name by gift deed which has to be registered with concerned sub-registrar of assurances by paying applicable stamp duty and registration charges. Gift deed can be register with registered Power of Attorney of wife.
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Adv. Mukesh Vasant Shinde
Thane | 400+ Answers
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What is the stamp duty between wife and husband?
Stamp Duty and Discounts
The stamp duty will be reduced by between 1% and 2% if the husband is also a joint owner of the property. The government has taken this initiative to empower women by allowing them to own property either jointly or individually.
What is a gift deed in blood relation?
There are no legal requirements to determine if a person can receive a property as a result of a blood-related gift deed. It is important that the beneficiary is still alive when the gift deed is executed.
Which property can be gifted?
To be considered a gift, a property must meet the following conditions: It can either be movable or immovable. The property should be transferable. The property must not be future property. 06-Oct-2023
How can I transfer my property on my wife's name?
You can gift immoveable properties by drafting a deed, having it attested by 2 witnesses and registering it at the registrar’s office. The Registration Act of 1908 stipulates that the transfer of immoveable properties must be registered. 24-Aug-2023
Well, you cannot transfer your Property through GPA, it is absolutely illegal and invalid way of doing Property transfer. You have to talk with the Bank Officials to remove you as the Co-Applicant and let your Husband be the Sole Applicant who will keep on paying EMIs' and you have to sign a Release Deed to release your Share in the Property in the favor of your Husband by registering it and by paying stamp duty.
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Adv. Pankaj Bajaj
Mumbai | 500+ Answers
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If the property is registered in joint names, your wife can gift her share to you by executing a Release Deed.
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Adv. Chikirsha Mohanty
Delhi | 200+ AnswersCONTACT NOW
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