Property in the name of wife, there are many benefits, apart from saving tax, savings
Apart from the central and state governments, many government organizations have given many exemptions, facilities and rights to women. If we talk about tax, then if you have property in the name of women, you can get more benefit on tax. This means that women are much better off saving taxes than men. Women can be successful in saving more tax if they do a little calculation.
Banks give cheap home loans: If we talk about home loan, then bank women get home loans at much cheaper rates than men. SBI women get a discount of 5 basis points as compared to men. The special thing is that the house for which you are taking home loan should also be in the name of women. Only then will it benefit.
Exemption in stamp duty: In many states of the country, women also get exemption on stamp duty for registering property. According to the Delhi government’s website, men have to pay 6 per cent stamp duty, while women are given a rebate of 2 per cent, ie 4 per cent stamp duty. Explain that the stamp duty is calculated on the basis of circle rate of the property or the consideration amount whichever is higher.
Property tax exemption: Many municipal corporations of the country give property tax exemption to women. Property tax rate may vary from municipal corporation to municipal corporation. In such a situation, you will have to check the property tax rate once, at what rate property tax is levied in your state. However, it has to be kept in mind that women will get the benefit of property tax only if that property is also registered in the name of the woman.
Tax exemption limit equal to men: Till 2011-12, women used to get more tax exemption than men, but in 2012.13 it gets the same exemption as men. Now women are also given tax exemption on income of Rs 2.5 lakh like men, while the income of women is more than 2.5 lakh and less than 5 lakh, then there is a rebate in tax on the remaining income. That is, no tax has to be paid on income up to Rs 5 lakh.
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