Joint property

If at all you are not convinced with registering property solely in your wife’s name then you can opt for joint ownership. This can also benefit with the deduction of 1 percent in the stamp duty, as applicable in Delhi. In case of joint ownership of property you and your wife will share equal right.

Purchasing a second property jointly with your wife will provide legal and tax benefits. "If the wife is a co-owner, she can claim a deduction of up to Rs 1.5 lakh for the interest paid on a home loan in case of self-occupied property," says Mayur Shah, Director, tax and regulatory services, Ernst & Young, as reported by ET bureau."If the wife is a co-owner, she can claim a deduction of up to 1.5 lakh for the interest paid on a home loan in case of self-occupied.

"In case the husband incurs business debts or losses, any property registered in the wife's name cannot be attached to cover such losses. Also, after the demise of one spouse, the other automatically becomes the sole owner of the property," he adds.