Should I make my foreign national son a co-owner?
The question posed is whether a single parent should include their foreign national son as a co-owner of their properties. The son's foreign status raises potential tax implications to consider. In India, adding a joint owner to assets during one's lifetime is generally treated as an exempt gift, but the transfer may also have tax implications in the son's country of residence or domicile.
For immovable property, adding the son as a co-owner would require payment of stamp duty and registration charges, so the costs and benefits should be carefully weighed.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
