In a significant development, the number of women investing in real estate is steadily on the rise. This stands as a testimony to their social awareness and economic self-reliance. Many women are inclined to have a roof of their own on their head. They wanted their homes to be affordable, safe and eco-friendly. In this backdrop, the realty sector has been extending full cooperation to them and providing several benefits to woman buyers. Some of the benefits are as follows:
Economic benefits
Tax concessions being given to women to encourage them to own houses is encouraging women to invest their funds in real estate sector. Moreover, it promotes gender parity in housing sector.
Stamp duty concessions
Stamp duty is levied at the time of purchasing a property. Woman investing in real estate are encouraged by extending them exemption from stamp duty, reducing the cost of the house. Several states levy stamp duty of 1 to 2 per cent on the cost of the property. However, some states are extending concessions on stamp duty.
Co-owner
If a woman were to be the co-owner of the property, she is bound to get tax benefits under Section 80 C of the Income-Tax Act. They are entitled to get a rebate of Rs 1.5 lakh on the home loan.
Interest on housing loan
Several banks and financial institutions offer housing loans with comparatively less rates of interest for woman buyers of property to encourage them to buy property. Moreover, they can avail, Under Section 24 b, the woman beneficiaries can get a discount up to Rs 2 lakh on interest paid on home loans.
Capital Gains
If a woman enjoys capital gains by selling the property, she can apply for exemption under Section 54 of the IT Act. However, she is entitled to invest the funds in some other residential property to avail the tax exemption on the capital gains. It is applicable to all tax payers irrespective of their gender.
Government policies
The Government of India extends subsidies and loans to women buying homes. Under Pradhan Mantri Awaas Yojana, economically backward classes and low-income group women can avail a subsidy of Rs 2.67 lakh to buy a home. In a latest development, the Government of Telangana has launched a new scheme titled Grihalakshmi. Under the scheme, the government will allot 4 lakh houses in the name of women.
