As a property owner, you have the option to grant co-ownership of your apartment, flat, house, or land parcel. Adding a co-owner can be done for various reasons, including tax benefits and legal considerations. Let’s explore how you can add a co-owner in Mumbai:
Two Ways to Add a Co-Owner:
- Gift Deed
: You can
gifta portion of the property to the intended co-owner. To do this:
Execute a
gift deedduly registered with the sub-registrar under whose jurisdiction the property is situated.
Pay the required
stamp dutyand
registration chargesduring the gift deed registration.
Gifting property to a relative is generally
non-taxableunder the purview of gift tax.
- Sale Deed
: You can
sell a portionof the property to add a co-owner. For this:
Execute a
sale deedduly registered with the sub-registrar under whose jurisdiction the property is situated.
Pay the required
stamp dutyand
registration charges.
Specify the proportion of the share being transferred to the co-owner.
- Gift Deed
Tax Implications:
Adding a co-owner can have
tax implications. Consult a tax advisor to understand the impact on your income tax liability.
Ensure that the co-ownership arrangement aligns with your financial goals and tax planning.
Society Approval:
To add a co-owner, you’ll need to update the property records with the society.
Contact the
housing societyand provide them with the necessary documents, including the sale deed or gift deed.
The society will verify the documents and update their records accordingly.
Legal Assistance:
Seek legal advice to ensure compliance with local laws and to create or execute the appropriate document.
Understand the legal rights and responsibilities of both co-owners.
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Authors Of The Question
The flat is in my mother's name in Mumbai, & the building will be going under redevelopment so I, her son, will be purchasing additional area by paying to builder so can society add my name as co-owner as I need to take income tax benefit?
rajiv
594 Views
1 Answers
9 months
2024-03-14T10:35:29+00:00 2024-03-14T13:33:56+00:00Comment
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