Budget 2024: Centre to reduce Stamp Duty on Properties purchased by Women

The Budget 2024 was presented by the Finance Minister of India on July 23. Many changes were proposed for ease of doing business and taxation simplification. In this budget, the government proposed to lower Stamp Duty rates on Properties purchased by Women and make them a key component of urban development plans.

She said in the Budget speech, “We will push states that continue to levy excessive stamp duty to cut rates for all, as well as consider further lowering costs on homes purchased by women. This change will become a vital component of urban development projects, encouraging states with high stamp duty rates to decrease rates for everybody, and lowering taxes even further for houses purchased by women.”

The Union government has long cited high stamp duty rates as the cause of high home prices, low rates of property ownership, and widespread “black money” activities in the industry. Former Prime Minister Manmohan Singh also recognized stamp duty rates as a major source of corruption and “cash” transactions in the business.