Property laws

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

12 September 2012 Hi, I have two properties, one bought in 2008 and "registered" in my name, the other "transfered" in my name bought in 2006. The loan EMIs for the registered property goes from my bank account while for the transfered property the EMIs are paid from my spouse's bank account. Recently I sold the registered property and wish to invest the money in another property.

Now my queries are:
1. since my spouse is paying the EMIs for the transfered property can I transfer the property (not registeras of now) in my spouse's name?
2. Can I show this transfer as Gift and by doing so Can I save on Capital Gain Tax?
3. Can I register another property in my name (since the registered one no longer exist) while still holding on to my transferred property?

Amol S Joglekar

Amol S Joglekar (Expert)
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13 September 2012 Not able to get the difference between "registered' property and "transferred" property. Sec 54 exemption is available. The sense of plurality is embedded in section 54

Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2012 Transfered refers to a situation where papers are transfered on Power of Attorney from the builder to the subsequent buyers, but remains registered in the name of Builder. In Delhi, it is now illegal to sell and buy property on Transfer...registry is mandatory. That's what I heard.

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