Can a property be sold in the wife name?

The submission of the assessee was considered but not found acceptable to the Assessing Officer. As per Assessing Officer, the property which was sold was belonging to the assessee whereas the reinvestment in property (residential house) has been made in the name of Smt. Nikita Jain, wife of the assessee.

When did Nikita Jain purchase property in name of his wife?

The assessee has also purchased a residential property on 23.05

How much does it cost to register a house with your spouse?

You can include your Spouse’s name in the new sale deed mentioning the ratio or portion of the ownership and get it registered. The stamp duty is typically in the range of 5-12.5% of the market value of the property (varies in different states), while the registration charge is about 1%. You can also share the ownership by gifting it to someone.

What happens to Amy’s property if she is not married?

They weren’t married, so Amy has no right to claim a share of the property, despite the contributions she has made. Or take a different couple, Jack and Abi. Jack contributes a small sum to the deposit, while Abi covers the rest. The mortgage is in Abi’s name, but Jack pays the bills.

What happens if I buy a house with my wife?

Under community property law, everything you earn while you’re married and everything you purchase with that money is marital property. It’s subject to an equal 50/50 division in a divorce, so if you and your wife bought your home together during your marriage, you would each be entitled to half its equity.

What was the value of my house before marriage?

Let us assume for our hypothetical, the house as of the date of marriage on June 1 was worth $1 million and the mortgage on the house was $500,000. That means the house as of the date of marriage had an equity value of $500,000. Let us now assume the house today is worth $1.2 million dollars.

How does my wife contribute to my house?

For example, if your wife bought your house before your wedding, and if there’s a mortgage against it that she paid from her income during your marriage, she’s commingled the asset. Everything she earned after you married is half yours, so some of your money has contributed to the home.

Why is my wife the owner of my house?

Everything she earned after you married is half yours, so some of your money has contributed to the home. The property would only remain her separate asset if she consistently paid the mortgage and funded all maintenance and repairs with money she set aside before your marriage.