At some point in life you plan to buy a home. For safety, security, independence or any other factor. Purchasing a home is a major decision. You have to keep in mind tax factors, end beneficiary and may other minor and major details.

Before you choose a house consider the size of your family, their age and the various clauses of the income tax or wealth tax that can be imposed on your family members. Once you have all the final details you are in a position to decide in whose name and in which property to invest.

There can be more than one owner to the property. Husband and wife can be the first name holders while the children even minors can be added as joint holders. Having only one residential property in your name is advisable as it is totally exempted from wealth tax. Hence if you are planning to purchase more than one residential property make sure they are in the names of those members who have no property in their name.

On the other hand commercial property has no bearing of wealth tax on it. Hence you can own several commercial properties without any intrusion of wealth tax. Gifting relatives' estate is exempt from gift tax. Hence you can gift property without any upper-limit. But registering it is mandatory.

Who will be paying the stamp duty? What if there is a delay in possession? What are the documents required to purchase a house? Can the society hike the charges before purchase? These are only a few of the many questions you have to find answers to. There is much legality involved in purchasing a house. Sit down with you estate agent or lawyer, classify and comprehend each one of them. Make sure you have understood every fine print before you sign on any document.

Professionals recommend that you should purchase a home only after you have thoroughly planned for it. You could take six months to a year. Do not be in haste. Collect information about agents and property through friends and neighbours. Find out about loans from various banks and list them down so you can get a comparative statement. Subscribe to property magazines, buyer guide journals and pick such books wherever you find them.

Check out property exhibitions, modern interiors, architecture, and home appliances. They will guide you to understand how your future home can look. Settle on a budget and stick to it whatever the circumstance. Else before you know it you might burn a deep hole in your pocket.