Males are dominant over buying property over female. They get an extra edge over the females in various fields. So to enhance women empowerment and to turn them into dynamic personality the government has decided to cut down the tax rates and offer various rebates when a female buys a property.
Thus now a days to escape various taxes and registration rates most of the property are being registered on the names of females. Thus most of the husbands own the property on the names of their wives rather than on their own name. In the long run it proves beneficial.
Taxes are always a nightmare for businessman as well as serviceman, thus they try various methods to reduce their annual taxes by sowing faulty balance sheets of business.
Here in the same way while buying a property, to save taxes the property is registered on wife's name. When a property is registered on the name of women then you get a benefit of 2-3% on tax and also receive other rebate on property registration and annual property tax.
The deduction in a financial year on the interest is limited to Rs. 1.5 Lacs per financial year. Also, a rented property would the entire home loan can be can be deducted on the basis of net rental value.
There are other features also if a woman is a property buyer. The tax rebate can also be shared with the husband if he is a co-applicant of the home loan and at the same time gets not only the exemption and discount but several other advantages. Thus buying a property none a women name makes it beneficial.
The benefit of being a woman property buyer does not end here. Tax rebate can be shared with the husband as well if he is a co-applicant of the home loan. Not just the exemptions and discounts but several other featured advantages make property registration at the name of female a fruitful choice to avail special offers.
If the tax payer is female and is living on a rent and has regular source of income and she doesn't has a house then she can enjoy a tax deduction of 25% of her income but restricted to a sum of Rs. 2000 per month according to the income tax act.
There are also several tax reductions on Stamp duty. When a man buy a property he has to pay seven percent stamp duty but when the same property is bought by a lady the stamp duty cuts down by two percent and comes down to five percent.
This means that if a property costs five lakh to a man then it will cost only five lakh to her wife if she buy the property and registers the property on her name. This seems to be exciting and a process to save some serious amount of money. The idea is valued and it is followed by most of the people to save taxes and receive added benefits.Previous | Next