Sole Benefits of Buying Property in the Wife’s Name

The property purchase is a big thing as keep monetary issues, future security, social circle and your financial status at a stake. Therefore, people take a lot of time for searching a right home. But, many people spoil the deal by deciding to buy the property in their name. This can cause the property a bit costlier than the original value. Definitely, buying a home is no less than achieving something really big in life and also it is a key to happiness for the couples. Therefore it is important to understand the fact you can enjoy more perks by owning a property in your spouse’s name.

Buying Property in the Wife’s Name

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Yes, buy a home in your wife’s name and bear the joy of being a property owner. Here we have listed the benefits of buying property in wife’s name.

  1. Tax Exemption –

    Purchase a home in your wife’s name and get an extra 1.5 lakh deduction in every financial year only if you are self-occupying this property. This is possible in case the wife is a homemaker. But, if the wife is a professional and have proper monthly income then both you and your better half can avail the tax deductions separately.

  2. Discount on Stamp Duty –

    Today most of the States in the Country offers partial wave-off on the stamp duty in case you are buying property in the wife’s name. This is one of the ways to empower women as the male counterparts show a keen interest in owning property in their better half’s name for enjoying several benefits. The women empowerment here means that the lady of the house gets a legal right on the property which means she need not to be scared from the domestic violence or any other type of ill-behavior.

  3. Save Money on Stamp Duty –

    Well, this charge varies from State to State but one thing is similar among all and that is the difference in stamp duty charges between women and men. Usually, the men have to bear a higher percentage of stamp duty whereas the females experience the lower rate for the same.

Here are some of the states and their stamp duty charges.

State/ Union Territory

For Women

For Men

Delhi

4%

6%

Rajasthan

4%*

5%

Haryana

4% in Rural Areas & 6% in Urban Areas

6% in Rural Areas & 8 % in Urban Areas

*1% Rebate above the Normal rate

Home is one such place that stands by you no matter how tough the time is. Therefore, it is important to decide wisely about every detail while purchasing a property.