J&K Women Welcome Stamp Duty Exemption while Buying Property

By : 360 Realtors

26 June, 2018

The state government in Jammu and Kashmir has approved a zero-percent stamp duty on the purchases made by property in the state by the women. If you are willing to buy a property, you can have a look at online real estate India. This has been a welcome move by the government, as it will encourage the women home buyers to get their own homes in the state. From the social perspective too, this has been a positive step. It will enable the women to step up the social ladder. Besides, the demand for NRI properties has been increasing in the state. NRI homebuyers can also enjoy a number of tax benefits in India, as per the new regulations formulated by the government.

The Cabinet has approved to levy a stamp duty of 3% in the rural areas and 5% in the urban areas on the homebuyers. However, if the property is registered in the name of a female member of the family, the stamp duty will be zero percent. This was also approved by the Chief Minister of the state, Mehbooba Mufti. Women homebuyers looking for luxury real estate for sale can visit the leading real estate portals and get the property that they crave for. Previously, the stamp duty was 7%, which has also been reduced. However, the rates are different in urban and rural areas. For women, it remains uniform at zero percent in all the areas.

The Chief Minister has claimed that women in Jammu and Kashmir owned bare minimum immovable assets, after they contributed the maximum to the society. She said that the move will encourage the families to register the properties in the names of the wives, sisters, daughters and mothers. In case you are willing to buy luxury real estate in the state, you can have a consultation with the agents.Former finance minister and MLA Rajpora Hasseb Drabu stated that this was a creative move by the government, that would empower the women in the state. It will also balance the gender and social power relations in Jammu and Kashmir.

The move has been lauded by the United Nations Women India. They have acknowledged the positive move taken by the government in Jammu and Kashmir, abolishing the stamp duty on the sale of property that are registered in the names of women. They have also stated that this is a huge state for the empowerment of women in India. Get across to the luxury property agents foe the best deals.

It must be noted, that the stamp duty has also been reduced for men. In the urban areas, they need to pay only 5% as stamp duty, which is lower as compared to the previous rate of 7%. Previously, the stamp duty in the rural areas was 5%, which too, has been reduced to 3%. Have a look at the NRI property in India in the online portals.

 Apart from Jammu and Kashmir, the other state in India where women do not have to pay stamp duty is Jharkhand. The stamp duty for women in the state is just INR 1. Besides, they do not have to pay any registration charge while purchasing property.