Any Stamp duty exemption for Women

Q: Hi All,

I am shortly going to register my flat of 1700 sq ft on ground floor, costing around 70 Lac. Is there any exemption for women in stamp duty, if yes then how much?

Thanks,
Neha

Neha Agarwal,

19th February 2016

Property Tax in Gaur City , Sector-4, Greater Noida

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Replies (4)

Thanks everyone for response, but I heard about one more clause, 1% rebate given to women should not exceed more than Rs. 10,000... Is that correct?

Neha Agarwal,

19th February 2016

Comment

Hello Neha,
It is 5% - women, 6% - joint name (male and female ) and 7% -men.

Pranita Pandit, Greater Noida

19th February 2016

Comment

Right Pranita,
So if you buy a flat for Rs 1 crore in Delhi, the stamp duty for a male buyer would be Rs 6 lakh. For a married couple it would be Rs 5 lakh and for a woman buyer it would be Rs 4 lakh.This is because in Delhi a woman needs to pay a stamp duty of 4 percent compared with 6 percent for men and 5 percent for a married couple. Registration Charges at 1% of transaction value is separate.

Selina Jaitley, Greater Noida

19th February 2016

Similarly,
In some states, if a property is bought in the name of a woman, the stamp duty levied is lower compared with what's applicable for a man. For instance, in New Delhi, a woman has to pay 4% stamp duty compared with 6% for a man. This is also true in case of conversion of a property from leasehold to freehold, and in case of gifts.

Pranita Pandit, Greater Noida

19th February 2016

On the other hand, tax exemptions and rebates also helps women. If the property is purchased in women's name, then there is a huge probability that the home loan is also on her name, especially as many banks clearly stipulate that the loan account be in the name of the owner of the property. In such a case, your spouse can enjoy a deduction towards interest up to Rs 1.5 lakh per year.

Selina Jaitley, Greater Noida

19th February 2016

Hi Neha,
But remembered that if the property is purchased from the money gifted to your wife by her parents(In the name of Stridhan or with any other meaning) or received from any relative then you cannot claim the benefit of deduction.

Piyush S, Greater Noida

19th February 2016

Comment

HI Piyush,
I agree with you. And if you buy a house in your wife's name, but she does not contribute monetarily to the purchase, the rental income from this property will be treated as your income and taxed at the applicable rate.

jitu jayswal,

19th February 2016

Hi Neha,
If the property has been acquired in the name of wife only, but source of fund is husband. Here the fact is that the property may have been purchased in wife’s name may not mean that the property belongs to her. If the said house property has been purchased out of husband’s own funds (but property in wife’s name) then husband becomes the actual owner of the property. To claim income tax deduction, husband needs to make a declaration with the Assessing Officer (AO) under Benami Transaction Act 1998, stating that he is the real owner of the property though registered in his wife’s name. Once it is done, he will entitled to all deductions available to an owner of the Property relating to repayment and interest on housing loan under the Act.

Selina Jaitley, Greater Noida

19th February 2016

Comment