Budget 2024: Finance Minister Encourages Stamp Duty Hike, Lower Rates for Female Property Buyers
The FM also proposed Rs. 500 Cr for top companies as Internship Allowance to enhance opportunities
The Union Finance Minister Nirmala Sitharaman presented the full - budget 2024 today before the parliament at 11 am. The FM has encouraged the Hike of stamp duty however, having a special rate for Female Property buyers. This is merely a proposal to the state government; the decision to increase the stamp duty rests solely with them.
Even though the FM suggested a stamp duty hike, it also encouraged lower rates for female property buyers. Thus we can infer that the properties purchased by the female will have a lower stamp duty compared to property purchased by men.
On one hand, the hike in stamp duty is expected to enhance the revenue stream for state governments, providing much-needed funds for various developmental projects. On the other hand, the reduced rates for women are designed to encourage more female participation in property ownership, thereby promoting gender equality and financial independence for women.
This proposal not only makes property ownership more accessible for women but also incentivizes families to register properties in the names of female members. This will definitely impact the positive entry of the women into the real estate arena.
This budget has proposed numerous measures for the support of the MSMEs. The Finance Minister has proposed a new mechanism to support MSMEs with continued bank credit during the stress period. It was also proposed to increase the Mudra loan limit from 10 lakh to 20 lakh. The FM also proposed Rs. 500 Cr for top companies as Internship Allowance to enhance opportunities.
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