Urgent - Adding name as a co-owner

Gargi Ranade (Querist) 30 October 2010 This query is : Resolved
Hi Dear All,

One of colleague , Purchased a flat on his own name and now he wants to add his wifes name as a co-owner of property . Kindly let me know Procedure required to be undertaken for adding his wifes name in the property documents.

Regards

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Devajyoti Barman (Expert) 30 October 2010
Wife's name could only be added if the owner of the flat tranasfer a share in it in favour of his wife by way of deed of sale or gift.

s.subramanian (Expert) 30 October 2010
I agree.

Gargi Ranade (Querist) 30 October 2010
Dear Sir,

Thanks Alot for your prompt reply.

It means he needs to execute one more agreement. but he just want to add name of his wife he is not transffering flat solely on his wifes name. he will be co-owner of the Property

Devajyoti Barman (Expert) 30 October 2010
Yes and that can happen only if she becomes its part owner by way transfer in her favour.

Gargi Ranade (Querist) 30 October 2010
Does it means payment of stampduty and registration fees once again . It will prove quite expensive decision.

Secondly how does Stamp duty and registration fees will be calculated in case of Gift deed as consideration is NIL in such cases.

Kirti Kar Tripathi (Expert) 30 October 2010
yes, stamp duty is payable.
on the basis of circle rate applicable in locality or value of the property, whichever is higher.

Devajyoti Barman (Expert) 30 October 2010
Yes stamp duty can not be avoided. Without paying the stamp duty the instrument would not be registered.

Sri Vijayan.A (Expert) 05 November 2010
1.If the sale deed in favour ur colleage is not yet registered, u can include her name without any difference of cost
2. If sale deed registered, then Gift deed to wife is the solution which have a concession on the stamp duty

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