Stamp Duty Exemptions: Save Tax On Your Next House
Updated: 01-05-2025 at 12:30 PM
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Stamp duty is a type of tax that is imposed by the state governments in India on legal documents that are related to property purchases and transactions. The stamp duty includes the purchase or sale of residential as well as commercial properties. While the duty imposed may differ based on different states, it can still add significantly to the total cost of the property.
Exemptions For Affordable Housing
Many state governments provide stamp duty exemptions or concessions for properties priced within affordable housing limits. The definition of affordable housing varies between states but typically denotes properties priced below Rs. 45 lakhs located within city limits and below Rs. 60 lakhs in other areas.
In Delhi, stamp duty is waived completely for first-time homebuyers purchasing flats valued up to Rs. 45 lakhs under affordable housing schemes. In a similar case, Maharashtra also offers a complete waiver on stamp duty, but only on homes priced upwards of Rs 35 lakhs, which are also located in the Mumbai Metropolitan Region and Rs. 30 lakhs in other locations in the state.
States like Gujarat provide a 50% stamp duty concession for homes that cost below the affordable housing price caps that were placed previously.
Exemptions For Women Homebuyers
In a step to promote women's empowerment, several states have introduced a stamp duty waiver for property ownership, just for women. In Karnataka and Delhi, women are fully exempt from paying stamp duty, if and so they purchase a single residential property.
Madhya Pradesh also waives 100% of the stamp duty for homes registered in the name of a woman or if the woman has joint ownership with her husband.
Concessions For Differently Abled Citizens
To aid the differently-abled in securing housing of their own, many states provide stamp duty concessions for this category. For example:
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In Delhi and Gujarat, a 100% waiver is offered to differently-abled persons on the purchase of a single residential unit for self-use.
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Maharashtra offers a 50% concession on stamp duty for homes purchased by differently-abled citizens below certain price levels.
Conclusion
Given the significant savings possible through these exemptions, homebuyers must proactively check eligibility criteria and avail of applicable concessions before property registration.
While stamp duty puts an additional cost burden, targeted state-level interventions to waive or lower it can make housing accessible to underprivileged sections of the population. This, in turn, promotes housing as a basic necessity for all.
Read the complete information on the Stamp Duty Act here. In case of any queries, call the Income Tax Department’s toll-free number 18001030025.
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