India is a progressive nation, and identical to our nation, our Revenue Tax system can be progressive in nature. Progressive not simply because the quantity of revenue tax will increase with the rise in revenue, but additionally due to its method that retains progressing with the altering outlook of the folks and monetary situation of our nation.
Because it’s the month of March once we have a good time Worldwide Ladies’s Day, let’s perceive how progressive has our Indian Tax System change into together with the progressive and progressing ladies of our nation.
‘As soon as upon a time, perhaps earlier than ages, there have been just a few ladies taxpayers. However over a time frame, together with our progressive nation, the variety of working ladies, in addition to ladies taxpayers, saved rising.
When it was required, ladies got a number of tax advantages, together with a unique revenue tax slab to advertise their progress and improvement.
Ultimately, the day when ladies began strolling shoulder to shoulder with males in all walks of life, the Revenue Tax Division of India abolished the completely different revenue tax slab for girls in 2011-12 and began utilizing a gender-neutral tax slab i.e a single tax slab for each, males in addition to ladies.
Although the completely different tax slab for girls has been utterly abolished and the federal government affords solely the generic tax saving choices which can be utilized by women and men each, the Finance Ministry of India has made a number of provisions that provide some particular advantages to ladies of our nation.
1. Stamp Responsibility Concession On Registration Of Property:
A number of states in India supply a concession on stamp responsibility expenses if a property is registered in a lady’s title. The stamp responsibility fee which is payable on the time of registration of the property, acquired by the use of sale deed/conveyance deed/reward deed, is approx. 6 % for a person and it’s approx. 4 % for a girl.
As not all states supply this concession within the stamp responsibility expenses, it’s endorsed to examine in case your state affords it or not.
2. Property Tax Rebate:
A number of municipal companies throughout our nation supply a rebate on property tax for girls. As this rule additionally differs from municipal company to municipal company, it’s endorsed to examine in case your municipal company affords a property tax rebate or not.
Additionally Learn: High Tax Saving Investments and their Returns
3. Decrease Curiosity Fee:
There are various banks that provide housing loans at pretty decrease rates of interest to ladies who’re shopping for houses registered on their names or for a house that’s registered on a lady’s title. For instance, SBI affords a concession of 0.05 % – 0.01 % on the rates of interest on dwelling loans given to ladies.
4. Credit score Subsidy On Buy Of Home:
With a view to make all the ladies really feel protected and secured and be sure that they all the time have a roof over their head, the federal government’s ‘Housing for All’ program, additionally affords a particular credit score subsidy beneath the Pradhan Mantri Awas Yojana for a home which is owned or co-owned by a lady. Because the Pradhan Mantri Awas Yojana is ending on thirty first March 2022, all the ladies seeking to avail the benefit beneath it should accomplish that on the earliest.
We’ll the above-mentioned advantages aren’t precisely the revenue tax advantages, however, as the federal government now affords gender-neutral revenue tax advantages like exemptions and deductions beneath sections 80C, 80D, 80G, and so forth. for each males in addition to ladies, you may get to find out about all of the revenue tax advantages by referring our weblog – Finest Funding Choices for Nice Returns in F.Y 2022.