PCMC Approves A Tax Break For Female Property Owners
Tax breaks for female property owners have been authorised by PCMC. Are you a resident of Pune who intends to purchase real estate? Do you also consider the property taxes you would owe in the future? If so, then you should read this article. The general body of PCMC announced a programme enabling property owners to evade taxes, which will be welcomed news for Mumbai’s citizens. The important thing to remember is to register the property in a woman’s name. Now, women who own real estate are eligible for a tax break of up to 10% on their homes. The programme was introduced in 2011, and during the fiscal year 2021–2022, many women benefited from it. As long as the beneficiary is a woman, this programme will be automatically executed, thus many people stand to gain in the upcoming years.
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Women’s empowerment is the only goal of this plan. Having this plan in place will encourage family members to purchase houses in honour of their female relatives and make them feel special. Legally documented women property owners may seek for this benefit. According to the data, approximately 8000 women have utilised the benefits.
About PCMC
Property tax collection in the area is regulated and governed by PCMC (Pimpri-Chinchwad Municipal Corporation). It oversees the city’s infrastructure. The organisation can also access tax rates for various residential units and plots. It is also in charge of yearly or biannual tax collection. Property owners can readily find all the information on property tax, its calculation, or filing on this civic organization’s website because it is technologically up to date.
Property Tax Calculation for PCMC
The Property taxes vary in value depending on the locality. In addition, you can calculate the tax in one of the three ways listed below.
- Determining the property’s tax value depends on its market value.
- The next method involves valuing properties per square foot (PSF) and computing the property tax accordingly.
- The rental value of the property is used to determine property tax in the third method.
Using the PCMC website, anyone may simply calculate their property tax. You must enter a few pieces of information before learning the tax value. The higher tax benefits are only available to registered female property owners.
Benefits for Women Who Own Property
Buying a house in a woman’s name has a number of advantages. Let’s learn more about the advantages women who own property can take advantage of.
Low-Interest Home Loan Rate – Property purchases require big investments, and most people find it difficult to make those large payments all at once. One of the best options for purchasing or investing in real estate is a home loan. A house loan’s interest rate is a crucial consideration. Huge interest rates may also be very taxing on your finances. It is best to buy the home in the name of the female family member if you want to protect yourself from such excessive interest rates. Women who own real estate can easily and at cheap interest rates obtain mortgage loans.
A significant difference can be made by the financial institutions’ low interest rates, which range from 0.5% to 5% for women.
Exemption From Stamp Duty – The procedure of registering a property adds to the costs, which can occasionally be very high. Under several places, if the property is registered in a woman’s name, the stamp fee is reduced. This exception, which may be between 2 and 3 percent, can have a significant impact. Rajasthan citizens receive a 1% exemption from stamp duty, compared to a 2% exemption for residents of Haryana and Delhi. If you are buying the property to give to a female household member, you can still get this discount.
Tax Break: If a woman or a couple owns the property together, they may qualify for a tax exemption on home loans. Additionally, if both parties are employed, they may each claim their own deductions. A maximum deduction of Rs 2 lakhs can be made in a fiscal year.
Recent PCMC Announcements
A tax credit worth Rs. 55 lakhs has been announced by the PCMC. It is for those owners of flats who actively contributed to the construction of the sewage treatment plant and the adoption of zero waste policies.
Conclusion: Women Property Owners Receive Tax Break
It is best to purchase property in your wife’s name or as a co-owner because there are so many advantages accessible to women property owners. The bonus will be doubled if the wife earns money on her own. The government has announced many additional perks for female property owners in addition to the PCMC tax concessions.
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