India is a progressive country, and just like our country, our Income Tax system is also progressive in nature. Progressive not just because the amount of income tax increases with the increase in income, but also because of its approach that keeps progressing with the changing outlook of the people and financial scenario of our country.
As it’s the month of March when we celebrate International Women’s Day, let’s understand how progressive has our Indian Tax System become along with the progressive and progressing women of our country.
‘Once upon a time, maybe before ages, there were only a few women taxpayers. But over a period of time, along with our progressive country, the number of working women, as well as women taxpayers, kept rising.
When it was required, women were given several tax benefits, including a different income tax slab to promote their growth and development.
Eventually, the day when women started walking shoulder to shoulder with men in all walks of life, the Income Tax Department of India abolished the different income tax slab for women in 2011-12 and started using a gender-neutral tax slab i.e a single tax slab for both, men as well as women.
Though the different tax slab for women has been completely abolished and the government offers only the generic tax saving options which can be used by men and women both, the Finance Ministry of India has made a few provisions that offer some special benefits to women of our country.
1. Stamp Duty Concession On Registration Of Property:
Several states in India offer a concession on stamp duty charges if a property is registered in a woman’s name. The stamp duty rate which is payable at the time of registration of the property, acquired by way of sale deed/conveyance deed/gift deed, is approx. 6 percent for a man and it is approx. 4 percent for a woman.
As not all states offer this concession in the stamp duty charges, it is recommended to check if your state offers it or not.
2. Property Tax Rebate:
Several municipal corporations across our country offer a rebate on property tax for women. As this rule also differs from municipal corporation to municipal corporation, it is recommended to check if your municipal corporation offers a property tax rebate or not.
Also Read: Top Tax Saving Investments and their Returns
3. Lower Interest Rate:
There are many banks that offer housing loans at fairly lower interest rates to women who are buying homes registered on their names or for a home that is registered on a woman’s name. For example, SBI offers a concession of 0.05 percent – 0.01 percent on the interest rates on home loans given to women.
4. Credit Subsidy On Purchase Of House:
In order to make all the women feel safe and secured and ensure that they always have a roof over their head, the government’s ‘Housing for All’ program, also offers a special credit subsidy under the Pradhan Mantri Awas Yojana for a house which is owned or co-owned by a woman. As the Pradhan Mantri Awas Yojana is ending on 31st March 2022, all the women looking to avail the advantage under it must do so at the earliest.
We’ll the above-mentioned benefits are not exactly the income tax benefits, but, as the government now offers gender-neutral income tax benefits like exemptions and deductions under sections 80C, 80D, 80G, etc. for both men as well as women, you can get to know about all the income tax benefits by referring our blog – Best Investment Options for Great Returns in F.Y 2022.
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