In light of the amendment to Maharashtra Stamp Act in 2015, it is now possible to transfer or gift of the property from husband to wife is Rs. 500 only and Registration Charges are Rs. 1000 for such Gift. Therefore, you can now execute a Gift Deed in favour of Wife whereby you can transfer 50% of your right in the Flat in favour of your wife.
I suggest that you gift 50% of your ownership rights in the residential property to your wife vide a gift deed. As per amendment to Maharashtra Stamp Act in 2015, stamp duty of only Rs. 200 is payable on a gift of agricultural and residential property from husband to wife. After execution and registration of the gift deed you should approach the CHS to enter your wife's name on the share certificate as a co-owner of the property.
This is the best possible way to make your wife a co-owner of your residential property in Mumbai.
It is presumed that the property is a residential flat in a co-operative housing society. The simplest and the cheapest method would be to make nomination in favour of your wife. Nomination papers are available in the Housing Federation Office in Mumbai. Secondly, you may execute a Will bequeathing the flat in favour of your wife. Stamp duty and registration charges arise only in respect of transfer of property between two individuals.
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