Tax Benefits- Buy property in your wife’s name today, you’ll get huge benefits

Tax Benefits- The government is making many efforts to empower women. Therefore, some special arrangements have been made for exemption in property tax and financial benefits. But even after such expansion of these beneficial schemes of the government, most women are not aware of them. So today we tell you what facilities the government has provided for exemption in property tax and to strengthen women on the economic front.

Buying property in wife’s name or giving ownership rights of the house to women also increases financial and family balance. In the last few years, there has been a significant increase in the number of people buying property in the name of women.

Home loan at low interest rate

Most people take loan to buy a house. After taking a home loan, the amount that the customer pays to the bank includes interest rate and principal, which is called Equal Monthly Installment or EMI.

Housing finance institutions give relief in interest rate to women as compared to men. Some housing finance companies have also made special loan schemes according to the purpose and income of women. Due to low interest rate, buying a house in wife’s name is a profitable deal.

Exemption on stamp duty

In many states, stamp duty exemption is given on registration of property in the name of women. In some states of North India, the rate of registration fee for women and male-female is about two to three percent less than the rate of registration fee fixed for men. So if a woman gets a property registered in her name, then there is also exemption on stamp duty.

Financial security and self-reliance of the wife

If a woman owns any property, it strengthens her financial security and makes her self-reliant. Since she has rights over this property, she can take any decision with complete freedom. Whether her husband, children or other family members agree to it or not. She can voluntarily take the decision to buy, sell or rent the property.

Exemption in property tax

Women also get exemption on property related taxes. This exemption is given to women by the Municipal Corporation. However, you can get tax benefits only if the property is in the name of the woman.