I am retiring next year and propose to purchase a flat for ₹1.5 crore in Hyderabad to live after my retirement. My wife is a homemaker. Please advise whether I should register the flat on my name or jointly in my wife’s name as well. What are the advantages and disadvantages of registering on my name or jointly in her name too?
— M. Balarama Murthy, Kalpakkam
There are no legal implications with respect to registering a property in sole or joint names. However, it is advisable to check with your chartered accountant on the aspect of flow of funds from your respective accounts, and tax implications arising therefrom.
