add wifes name to new flat

Gurgoan 1
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Hello,

I sold a piece of land which was solely in my name and bought a flat in Gurgoan with the entire proceeds in a Sec54F transfer so as not to pay capital gains.

I will be receiving posession of the flat in 3-5 months and I want to add my wife's name to it. I am worried that since my wife was not on the land I sold there might be tax repurcussions by adding her name to the flat.

Can I safely add her name to the flat or will I be liable to pay some tax? She doesn't own any other property in her name in India but we are NRI's and we own a joint home in USA.

Thanks, Tony

residential-flat joint-owner section-54f family-settlement-deed gift-deed
1 Answers

There should not be issue unless the new property is sold before three years time.

You may transfer part of flat to your wife through gift or family settlement deed.

Pankaj Batra5212

Thanks for the answer Pankaj. So what you are saying is that I should transfer 50% of the flat to my wife through gift or family settlement deed before I add her name to the flat registration. Is that correct? It will still take me 5 months to get posession of the flat so it still is not registered in my name.

Gurgoan•

First get it registered in your name fully. Later you can transfer 50% share to wife.

Pankaj Batra•
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