The advantage of buying property in name of the wife
The purchase of property is certainly a big thing as keeping the monetary issues, social circle, future security and your financial status, all at stake. Thus, people take a lot of time for searching for the correct home. But, many people do spoil the deal by deciding to purchase the property in their name. This certainly can cause property little costlier than its original value. Of course, purchasing a house is nothing less than achieving something huge in life and also key to happiness for the couples. Thus, it is important to understand that the fact you can actually enjoy perks by having property in the name of the spouse.
Yes, one can buy a house in the name of the wife and bear the joy of being the owner of a property. Here are some advantages of buying a property in name of the wife.
Tax exemption-
Buying a house in the name of wife would get you extra1.5 lakh deduction in each financial year, only if you are planning to self-occupy the property. This is certainly possible in the case the wife is a homemaker. But, if the wife is working and is a professional and have a proper monthly income then both you and your wife can avail the tax deduction individually.
Discount on the stamp duty
In present times, most of the states in the country offer partial wave-off on the stamp duty especially in the case when you buy property in the name of wife. This is one of the numerous ways to empower the women as male counterparts show a lot of interest in owning a property in the name of their better halves to enjoy various benefits. The women empowerment means that the lady of the house gets legal right on the property which basically means she shouldn’t be scared of domestic violence or any other type of the ill-behavior.
Save money on stamp duty
Well, this specific charge varies from one state to another but one thing is same among all and that is the difference in the charge of the stamp duty between the men and women. Generally, the men do have to bear a higher percentage of the stamp duty whereas the women experience the lower rate for the same.
Home certainly is one such place that stands by your side no matter how tough the time actually is. Thus, it is important to decide sensibly about each and every detail while buying a property.
