Property ownership - legal & tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 July 2013 I am a salaried person and have sold a house in Delhi which was in joint name with my wife (I was the first owner and she the joint-owner and I had taken bank loan to buy the house and have since repaid it). I am buying a flat in Chennai (again jointly with my wife) from a reputed builder for which some advance has been paid. I am planning to go for registration. Except for a Rs. 2-3 lakhs which my wife is paying out of her tuition earnings, the entire payment comes from my earnings and the sale consideration of previous house only. Kindly advice, whether in this joint ownership, can I have my wife as the first owner and me as the 2nd joint-owner? What are the implications legally and tax-wise, I hope it won't tantamount to Gift etc? Pl advice in a lucid manner.