Women empowerment is underway. Bridging the gender income gap, gender equality is a full-force movement. In recent times, buying property in a woman’s name is undoubtedly an act of empowerment. To establish their rights as equals in society, the government of India, a few states, and some banks have joined hands in this endeavor. Though benefits vary from state to state or bank to bank, buying property in a woman’s name has become quite advantageous. Women enjoy additional stamp duty discounts or home loan benefits from banks or tax benefits in some states.
In India, many of us are still unaware of property rights for women. Personal laws mainly control property rights for women. According to the Hindu Succession Act of 1956, women’s property rights in all four faiths, including Hindus, Sikhs, Buddhists, and Jains, are fragmented. Later, the Supreme Court amended the Hindu Succession Act of 1956 to provide equal rights to daughters. Amended law treats all children equally.
Let’s look at the benefits:
If you are looking to invest in residential property in Ravet, then register the property in the name of a woman to get the tax benefits, home loan, and stamp duty reduction. Whether she is married or single, ownership in her name creates plenty of financial benefits. If she is earning, she can claim the benefits; if not, she can also claim the benefits at the time of purchase.