It’s quite a simple concept, in principle, to even things up, or even move all of one’s rental income to one spouse, simply by transferring the ownership of the property to that spouse. One way to do this might be by putting the property on trust, with a ‘life interest’ for the spouse.
Do I have to pay FICA on rental income?
No, rental income is not subject to FICA unless the rental is a business. Under those circumstances, this would qualify as a business subject to FICA. Rental would also qualify as a business if you do it to earn a profit and you do it regularly, systematically and continuously.
How much does it cost to register a house with your spouse?
You can include your Spouse’s name in the new sale deed mentioning the ratio or portion of the ownership and get it registered. The stamp duty is typically in the range of 5-12.5% of the market value of the property (varies in different states), while the registration charge is about 1%. You can also share the ownership by gifting it to someone.
Can a husband buy a house in his wife’s name?
Yes, husband can claim ownership of property bought in wife’s name provided the funds used for buying the property is from known sources and legal. Was this article useful?
Do you have to register your property when buying a house?
For this reason, property registration is a must for the buyer. Also, as unregistered properties hold no legal validity, the owner runs the risk of losing the property, even if he is in possession of the said property.
Can a man retain ownership of property bought in his wife’s name?
Not so, the Delhi High Court has recently ruled. According to the ruling, a man has ownership of the purchased property even if it is in the name of the wife. The decision was taken keeping into account the fact that it was the husband who had put in his money and the source of these funds were known and legal.
