What are the income tax exemptions and other monetary benefits available to women?

To empower women, there are certain monetary benefits offered by the government. These include: property tax rebate, stamp duty concession, lower interest rates on home loans, credit subsidy for house etc.

Up until Financial Year (FY) 2011-12, women and men had different income tax slabs with women having to pay slightly less tax. However, from FY 2012-13, this was done away with and tax slabs for men and women were made the same. Therefore, currently there are no income tax exemptions specifically for women.

• Stamp duty concession on registration of property

Some states offer concession on stamp duty charges if a property is registered in the name of a woman. According to the Delhi Government's official website, stamp duty rate (payable at the time of registration of property if it is acquired by way of sale deed/conveyance deed/gift deed) for a male is 6 per cent and for a female is 4 per cent. The stamp duty is calculated on the consideration amount or the circle rates of the property applicable in the area, whichever is higher.

Stamp duty charges vary from one state to another. Therefore, one must check if the state offers any concessional rates when the property is being registered in the name of women.

• Property tax rebate

Similarly, certain municipal corporations also offer rebate on property tax. Here also, the property tax rates vary from one municipal corporation to another within a state. Therefore, one must check if there is a rebate offered on property tax for a property registered in a woman's name.

• Lower interest rate

Apart from concession on stamp duty and rebate on property tax, banks also offer lower interest rate on home loans for property registered in a woman's name. For instance, State Bank of India (SBI) offers a concession of 5 basis point or 0.05 per cent (1 basis point/bps = 0.01 per cent) for home loans given to women.

• Credit subsidy on purchase of house

Similarly, under the government's 'Housing for All' programme, the house for which credit subsidy is given under the Pradhan Mantri Awas Yojana (PMAY) scheme, should be in the name of the woman or a woman should be the co-owner.

• Income tax slabs

For many years up until FY 2011-12, women and men had different income tax slabs with women having to pay less tax as compared to men earning the same amount. However, the income tax slabs were made the same from FY 2012-13.

Income tax rates and slabs under new tax regime for FY 2021-22
Surcharge is applicable from income above Rs 50 lakh. Health and Education cess at rate of 4% will be added to the income tax payable in all cases. Rebate of Rs 12,500 is available for individuals having net taxable income of up to Rs 5 lakh under section 87A.

Under the existing/old tax regime, the basic tax exemption limit for an individual depends on their age and residential status. Here is a look at the latest income tax slabs for FY 2021-22 under old tax regime:

Income tax slabs for resident individuals below 60 years of age for 2020-21

Income tax slabs for resident individual between 60 and 80 years of age (Senior Citizen) for FY 2020-21

Income tax slabs for resident individual above 80 years of age (Super Senior Citizen) FY 2020-21