- Date : 10/03/2023
- Read: 3 mins
Reduced stamp duty for female homebuyers in the Maharashtra Budget 2023
While the world celebrated International Women’s Day 2023 on 8th March, the Maharashtra Government gave a gift to women a day later. On 9th March 2023, the Maharashtra Budget 2023 was announced, wherein the government proposed reducing stamp duty by 1% for female homebuyers. This is a major step in encouraging women to come forward and buy their own homes.
After the budget was announced, market experts analysed it. According to them, the proposed discount on stamp duty would foster a sense of homeownership among women and help them save money on registering properties. Others observed the following –
- The announcement in the Maharashtra Budget 2023 was in tandem with the emphasis on infrastructure in the Union Budget 2023.
- The Maharashtra Budget 2023 is expected to give an impetus to housing and infrastructural development in the State. This would be beneficial for different real estate segments of the industry like residential, warehousing, commercial, etc.
- The move would boost the State’s economy, which can contribute to 1/5th of the nation’s overall economy.
- Different communities of the State would also benefit from the move. It would also promote the construction of more than 3 lakh homes to cater to the housing requirements in Maharashtra.
Besides the rebate in stamp duty, some of the other highlights of the Maharashtra Budget 2023 were as follows –
- Women will enjoy 50% discounted tickets in State-run buses.
- Construction of 4 lakh new homes under the directive of PM Awas Yojana. Among the total homes, 1.5 lahks would be built for the backward classes, and 25,000 would be for the Matang Samaj.
Taxation on home loans
While women can enjoy reduced stamp duty charges on property, here are the tax angles that they should keep in mind if they avail of a home loan –
- The principal paid on the home loan is eligible for tax deduction under Section 80C up to a limit of Rs.1.5 lakhs.
- The stamp duty and registration charges paid for the home are also allowed as a deduction under Section 80C up to Rs.1.5 lakhs.
- The home loan interest is allowed as a tax-free expense under Section 24(b). The maximum limit is Rs.2 lakhs.
So, for the women in Maharashtra looking to buy a house property, the reduced stamp duty would be an added advantage and help them save money.