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J&K Abolishes Stamp Duty For Women Homebuyers

J&K Abolishes Stamp Duty For Women Homebuyers

J&K Abolishes Stamp Duty For Women Homebuyers
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Many of us would have been able to materialise our property purchase plans if we did not have to worry about the fringes that make the buying far more unaffordable. Arrangements must be made to pay stamp duty and registration charge, for instance, if you have to purchase a property. Since banks often do not count this as part of the home loan, it becomes quite difficult to arrange the money meant for this specific purpose, along with the earnest money. This in turn delays a person’s home-buying plans.

It is worth mentioning here that stamp duty charges range between four and 10 per cent across India, and an additional one percent of the property value has to be paid as registration charge by the buyer.

But, if you are a woman buying a property in Jammu and Kashmir, you do not have to worry about that. The Jammu and Kashmir government on May 11 abolished stamp duty on the sale of properties registered in the name of women.

The move is aimed at empowering women by increasing property ownership among them.

"This incentive will encourage families to register their properties in the name of their sisters, daughters, wives and mothers… women as of now own bare minimum immovable assets even after contributing the maximum to our society," J&K Chief Minister Mehbooba Mufti said in a series of tweets.

Lauding the move, the United Nations Women India tweeted: "@unwomenindia acknowledges the positive measure taken by the J&K Government to abolish stamp duty on the sale of #property registered in the name of #females… Huge step towards #women's #empowerment!” (sic)

Stamp duty charges have also been reduced for men. Now, those buying property in J&K’s urban areas have to pay only five per cent as stamp duty—the earlier charge was seven per cent. Similarly, stamp duty charges for rural areas have been brought down to three per cent from the earlier five per cent.

Another state where women do not have to pay any stamp duty is Jharkhand. Women property buyers have to pay only Rs 1 as stamp duty in Jharkhand. They also don’t have to pay any registration charges either.

Last Updated: Thu May 17 2018

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@@Fri Jul 05 2019 13:15:19