Union Budget 2024: Relief for Women Homebuyers: Reduced Stamp Duty Announced by FM Nirmala Sitharaman

Owning a home is a dream for everyone, but purchasing a house is no easy task. After years of hard work and saving money, one can think of buying a home. However, the country's Finance Minister, Nirmala Sitharaman, has provided significant relief to women homebuyers in the 2024 budget. She has announced a proposal to offer a concession on stamp duty charges during the registration of properties purchased in women's names. 

This proposal aims to reduce the stamp duty charges for registrations made in the name of women, resulting in substantial relief for citizens on stamp duty fees during property registrations. The central government has instructed states to reduce the stamp duty for properties purchased by women. Stamp duty is payable during the actual registration of the property. Additionally, the government has made several other announcements for housing in the 2024 budget.

The government has long stated that high property prices and high stamp duty are major reasons for significant black money transactions in this sector. Finance Minister Nirmala Sitharaman has emphasized that the central government should reduce the stamp duty on property purchases across all states. The government is encouraging states to consider offering lower stamp duty rates for properties purchased by women. In some states, there is a uniform rate of stamp duty based on the registered value of the property. Other states have a slab system where the rates increase with the price of the property being purchased. Many northeastern states charge higher stamp duties.