Release deed in wife's name

Querist :
Anonymous
(Querist) 06 November 2018
This query is : Resolved
Good day sir, I want to release share on property owned jointly to my wife.
If sell of property in future, who will deal with LTCG, me or wife?
She has not contributed in payment of flat sum. And I have not claimed IT exemption on income under 80C.
I am seafarer by profession , indian citizen and NRI tax status....and if I sell flat it could attract 20% TDS.
I want to get rid of this issue.
please guide.
Thanks in advance...

Guest
(Expert) 06 November 2018
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P. Venu
(Expert) 06 November 2018
The facts posted suggest deeper issues. Please post the complete facts,
Hemant Agarwal
(Expert) 24 February 2019
1. IF in Maharashtra, you can execute "Gift Deed" in favor of your wife, as follows:
a) Stamp Duty: 200/-
b) Registration Fees: 200/-
2. ONLY IF Wife is joint Owner, THEN you can execute "release deed:, as follows:
a) Stamp Duty: 500/-
b) Registration Fees: 1000/-
3. Neither of above will attract TDS or LTCG, since both above do not generate sale proceeds and no benefit or loss is claimable under income tax act, simply because aforementioned Deeds are executed without monetary considerations.
Keep Smiling .... Hemant Agarwal
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