We are married couple with 20 year marriage . Now our relationship is strained . Though I do not foresee any chance of Divorce / Separation in future

In 2004 , I have purchased a 400sqyd plot in Gurgoan and registered in my wife name out of love as sole owner ( Biggest mistake of my life ) . Though I have paid all the payment including the ICICI Bank loan which I have taken in my name and cleared all its dues .
as I have used all my hard and earned money into it and this is time now to make some profit by constructing and selling as Builder floor . Now my wife is agreed in principal but she can make some tantrum in future . I am now scared off to put more money into it for construction as she can change her mind and play dirty tricks . Situation will be worse if I booked some floor during construction and take some advance payment also . If she play tantrum or refused to cooperate then situation will be very difficult for me .
One way of solving this problem is either by transferring the plot in my name or joint name legally which I foresee is seems to be difficult option as she will not agree for this option
So please guide me the legal option to covered and safeguard me if I go for construction of this project so that she could not played any tantrum in future if she agreed before the start of the project .
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  • This is tricky - I would suggest that you sell this plot informing your wife that you are getting a good deal or rates are not gonna increase anymore etc etc and then use that money to buy another plot in another area in her name (errr i mean your name)... you would still be able to construct floors etc and make a cool buck...
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  • Sir

    I am NRI and selling can be one option But at the same time it is difficult for selling and buying new property as it will take some time .

    I am planning to use Basement for my office purpose and sale above floor
    So if there is any other option to retain the same property with safeguard against any tantrum by my wife
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  • Dear Sir,

    I am writing on IREF after a long gap, out of the feeling to help you with correct info.As per the latest laws passed in the country, It does not matter that property is in the name of husband or wife. What is the law now is that 'if a property was acquired by a couple during their married life, then both of them have a equal right on it, whether it is in the name of one of them or not'.

    So, you need not worry till the time you can legally prove that this property was acquired by you when u were married ( u are still married BTW). Secondly, i would advise you keep your records of re-payment of ur ICICI bank loans etc safely as they will act as a proof of your expenditure towards this plot.

    You can google the joint property ownership laws for the latest changes in the law.

    Pankaj
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  • I would suggest you sell and start of clean with a new property in her(I mean your name.....:)..). Tell her that property prices have maxed out in your sector and you should now move money to a new developing sector. If the asset is in your name, that might change your wife's behavious as well and might fix your marriage.
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  • Originally Posted by enm1sg
    Sir

    I am NRI and selling can be one option But at the same time it is difficult for selling and buying new property as it will take some time .

    I am planning to use Basement for my office purpose and sale above floor
    So if there is any other option to retain the same property with safeguard against any tantrum by my wife


    Where is this plot btw... 400 sqyd should be pvt colony.
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  • Im surprised that the bank agreed to the sole name being your wife's while giving the loan to you. Do banks do that ??

    Your best approach is to have her agree to joint holding. Tell her that since all documentary evidence points to you making all the payments, legally it should be in joint names of both of you. The law will not deny her a share (possibly a 50% one) in this property by virtue of being the sole owner and your wife of 20 years. You should also sell the plot instead of building floors and divvy up the money as it seems risky to put in further money in building floors. If dont want to sell, then get constructed and register different floors in separate names of yourself and your wife and then you both can sell or retain it as you individually wish to.
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  • Actually, there is a way out. You may get into a Joint Venture agreement with your wife to construct and sell this plot. You guys can write down all the terms and conditions here and how to divide the share.
    In this case when you sell after construction, both you will have to sign the papers.

    You can benefit as most of the transaction will be in black. You can work on dividing the share accordingly.
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  • Many Thanks for all friends for giving useful options which are very much appreciated .

    By the way ,The Plot is in Sushant Lok -1 , A - Block with area of 350 sqm ( 418 sqyd)

    I am still open for more option / suggestion if any one else can guide me further . then it will be a great help in deciding my next step
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  • Another way out is , hire a bank guy (any bank) tell him to pose from the bank where you have taken loan from , and approach your wife and tell her that Due to some changes in RBI lending Guidelines , Th loan would either have to be closed or the property should be in joint ownership as according to new guidelines the The Borrower must be the complete owner/joint owner of the property.


    This has a very good chance of succeeding as then your wife would herself call u to discuss the options ,
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  • Let it be very clear. The wife holds the ownership and it is registered in her name.

    If the things really go to their worst (acrimonious divorce) :

    #1. no matter what anyone says, in case of divorce, the courts only/mostly consider the marital home as the property with joint interest of the couple and may provide relief regarding that only. The rest of the movable/immovable property is generally not able to be divided. . Even if the immovable property is divided or an interest is created for both parties, it may take anywhere between 5-15 years for due process.

    #2. in courts, you can not do anything to claim that property, at best the courts will hold you guilty of buying a "BENAMI" property, which is a serious offence in itself. and be ready for a court ordered IT probe into your past financial history, physical searches, tax audits etc.

    #3. at best your practical recourse would be to tell the wife about your intentions to inform the IT deptt that your wife has undeclared gift income (since you have made the payments) and you can have her pay income tax on that plus 300% of penalty on that undisclosed tax amount. but you may get trapped by IT deptt as well.

    #4. whatever happens, do not plan on opening a office and other such attachments with that place for future if your marriage wont hold up. and certainly do not put any more of your own money in the property for construction etc.

    Its a simple choice: mend your marriage and keep both (wife and plot) or let things slide and lose both of them.. Even if the immovable property is divided or an interest is created for both parties, it may take anywhere between 5-15 years for due process.

    #2. in courts, you can not do anything to claim that property, at best the courts will hold you guilty of buying a "BENAMI" property, which is a serious offence in itself. and be ready for a court ordered IT probe into your past financial history, physical searches, tax audits etc.

    #3. at best your practical recourse would be to tell the wife about your intentions to inform the IT deptt that your wife has undeclared gift income (since you have made the payments) and you can have her pay income tax on that plus 300% of penalty on that undisclosed tax amount. but you may get trapped by IT deptt as well.

    #4. whatever happens, do not plan on opening a office and other such attachments with that place for future if your marriage wont hold up. and certainly do not put any more of your own money in the property for construction etc.

    Its a simple choice: mend your marriage and keep both (wife and plot) or let things slide and lose both of them.
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  • i have a question...what if the property was bought before marriage? does wife could claim that? please advise...
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  • enm1sg:: If you are willing to sell, I am looking for a plot in Gurgaon. You said you are in NRI. Where do you currently live?
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  • Greetings,

    The only way you retain the entire or part of the property is if you can mend your relationship with your wifey. Since that's something beyond discussion, I suggest that you should not even plan to do anything like opening office or start to live in a floor since things can become acrimonious later and it will impact your business or personal life.

    I would urge you to consult a legal expert in India to find the best solution since most of us here would not be aware of the intricacies involved in Marriage as well as property related laws.

    Wishing you good luck and speedy solution.
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  • Originally Posted by delhihellow
    i have a question...what if the property was bought before marriage? does wife could claim that? please advise...



    Please go thru the post he did once again to find your answer
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  • Friends

    There are new development in my dispute with my wife
    We are going for amicable separation and not for divorce
    As per the amicable solution we have decided to divide our assets and she has agreed to transfer that plot in my name legally

    Now what are the option available to me to transfer the plot rights legally

    1) pay again the stamp duty and transfer the registry in my name
    2) she can make a will and transfer the plot in that case I can avoid paying stamp duty which itself huge for 418 sqyd plot
    3) any other option may be highly appreciated from the forum in order to avoid the stamp duty and at the same time transfer the legal right I. My name as well

    Thanks for your consideration and reply
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