Buy property on wife's name

vikas garg (MBA) (140 Points)

31 July 2014  

I want to buy property on my wife's and son's name because of astrolgical reasons. Around 70% money shall be of mine and rest will be my wife's and son's account.  What are the legalities involved like

1. With tax point of view what are liabilities at my end.

2. Will tax department/ property registrar will question my wife about procurement of funds. If yes. What shall be our reply be in this scenario? 

3.In general also, does TAX department scrutinize the property owner's documents abt whereabouts of funds etc.

4. Any suggestion is welcome.

Please reply me since I am urgently going to close the deal.

 

Thanks and regards

Vikas