Arjun (Fictional Character): Krishna, what’s new on International Women’s Day 2022?
Krishna (Fictional Character): Arjuna, 8th March is celebrated globally as International Women’s Day. On this occasion, the theme for Women’s Day 2022 is ‘Gender Equality Today for a Sustainable Tomorrow’. In these modern times too, only very little percentage of women in India are employed, which needs a serious consideration. Let’s discuss the life journey from a girl child to woman, and what are the rights, Income tax benefits, and other benefits available to women in Indian laws.
Arjun (Fictional Character): Krishna, what are the benefits available to a girl child in India?
Krishna (Fictional Character): Arjuna, Sukanya Samriddhi Scheme which is a Government of India backed saving scheme, to encourage parents to build a fund for the future education and marriage expenses for their female child. Contribution in this scheme is eligible for deduction U/s 80C and Interest and withdrawal is also tax exempt.
Eligibility –
1. For the child (account holder)-
• Only a girl child can open this account.
• The maximum age of this child should be 10 years.
2. For the parents-
• Only biological parents or legal guardians of the child can open the account on the child’s behalf.
• One parent or legal guardian can open up to two accounts for their girl children. In case of twins or triplets the parent or legal guardian can open up to three accounts.
Arjun (Fictional Character): Krishna, what are the rights and tax benefits available to women at or after her marriage?
Krishna (Fictional Character): Arjuna, India’s Supreme court has ruled that all Hindu women now have equal rights to their father’s property from 1956, when the succession law was first codified. Daughters now have the same rights as that of sons in Hindu Ancestral Property. A woman as well have an equal right with her children in her husband’s property.
As per Hindu Law, “Stridhan” is whatever a woman receives as Gift during her life time. Stridhan includes all movable, immovable property gifts etc received by women prior to marriage, at the time of marriage, during her birth and during her widowhood. She is the rightful and absolute owner of all such property and her husband or his other relatives have no right over such property and belongings. The limit of keeping gold for married women is 500 grams., and for unmarried women is 250 grams under Stridhan, which cannot be ceased under Income Tax Raids.
Women also have the privilege of becoming the Karta of HUF in absence of the male member. Not only this, but women can be the sole entrepreneur in a One Person Company.
There are special health insurance schemes for women which can be availed by them for maximum benefits.
Arjun (Fictional Character): Krishna, what are some other financial benefits for women in India?
Krishna (Fictional Character): Arjuna, the government has introduced various incentives to promote women entrepreneurship. The ‘Stand Up India’ allows women entrepreneurs to apply for bank loans between Rs. 10 lakhs and Rs. 1 crore for business for the first time. The Mudra Yojana Scheme for women, grants loans ranging up to Rs. 10 lakhs for women.
For example, there is a Cent Kalyani Scheme to provide financial stability for women who manage small and medium enterprises in the agricultural sector or retail trading. Loans of up to Rs. 100 lakhs are sanctioned without any requirement of a guarantee. These loans are offered by the Central Bank of India.
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.
Arjun (Fictional Character): Krishna, what should the taxpayer learn from this?
Krishna (Fictional Character): Arjuna, despite the barriers, women, especially young women, are at the forefront of diverse and inclusive movements for social change – online and in the streets. Empowerment of Woman is the need of the Hour. Every woman should be financially, socially and mentally safe and independent.
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