Stamp duty concession on registered property

Stamp duty is a kind of tax that the government levies on legal documents, usually for transfer of assets or property. The stamp duty is calculated on the consideration amount or the circle rates of the property applicable in the area, whichever is higher. The charges vary from state to state. You must check if your state offers the concessional rates in case property registration in the name of women.

Property Tax Rebate

Property tax is the annual amount paid by a land owner to the local government or municipal corporation in charge of his locality. The property includes all tangible estate- house, office building and the property he rented out.

Certain municipal corporations offer rebates on property tax. The property tax rates vary across municipal corporations within a state. Therefore, you must check if such a rebate is being offered for property registered in a woman’s name, in your area.

Lower Interest Rate

Apart from concession on stamp duty and rebate on property tax, banks also offer lower interest rates on home loans for property registered in a woman’s name.

Credit Subsidy on Buying House

Under the government’s ‘Housing for All’ scheme, the house for which credit subsidy is offered under the Pradhan Mantri Awas Yojana (PMAY) should be in the name of the woman or she should be the co-owner.