Empowering Women in India: Rights, Benefits, and Financial Opportunities

International Women's Day 2022: Celebrating Women’s Rights and Benefits in India

On March 8, 2022, we celebrate International Women’s Day with the theme “Gender Equality Today for a Sustainable Tomorrow.” This focus emphasizes the pressing issue of low female employment rates in India, which necessitates immediate action. This blog will explore women’s journeys, their rights, and the income tax benefits and advantages accorded to them under Indian law.

Benefits for Girl Children in India

A key initiative that supports girl children in India is the Sukanya Samriddhi Scheme. This government-backed savings program encourages parents to save for their daughters’ education and marriage expenses. Contributions to this scheme qualify for a deduction under Section 80C, and both interest and withdrawals are tax-exempt.

Eligibility Criteria

For the Account Holder (Girl Child):
- The account must be opened by a girl child.
- The girl should be a maximum of 10 years old at the time of account opening.
For Parents or Guardians:
- Only biological parents or legal guardians may open the account on behalf of the girl.
- A parent or guardian can open a maximum of two accounts for their daughters. In cases of twins or triplets, up to three accounts may be opened.

Rights and Tax Benefits for Women Post-Marriage

Under the Supreme Court's judgment since 1956, Hindu women in India have equal rights to their father’s property, as codified in succession laws. Daughters enjoy the same rights as sons with respect to Hindu Ancestral Property. Additionally, women have equal rights to their husband's property alongside their children.

According to Hindu Law, “Stridhan” refers to the property gifted to a woman during her lifetime, encompassing both movable and immovable assets received before marriage, at marriage, during childbirth, and in widowhood. A woman possesses absolute ownership of her Stridhan, with no claims from her husband or his relatives. It’s worth noting that the limit for gold retention is 500 grams for married women and 250 grams for unmarried women, which is protected from seizure during Income Tax raids.

Women are also permitted to become the Karta of a Hindu Undivided Family (HUF) in the absence of a male member. They may also serve as sole proprietors in a One Person Company. Moreover, women have access to specialized health insurance schemes with enhanced benefits.

Financial Benefits for Women Entrepreneurs in India

To foster women entrepreneurship, a range of government initiatives are in place. The ‘Stand Up India’ scheme enables bank loans between Rs. 10 lakhs and Rs. 1 crore for women embarking on new business ventures. Additionally, the Mudra Yojana Scheme offers loans up to Rs. 10 lakhs specifically for women.

For instance, the Cent Kalyani Scheme is designed to secure financial stability for women managing small and medium enterprises, particularly in agriculture or retail sectors, allowing loans up to Rs. 100 lakhs without guarantees through the Central Bank of India.

Furthermore, as part of the ‘Housing for All’ initiative, homes funded under the Pradhan Mantri Awas Yojana (PMAY) must either be registered in a woman’s name or list a woman as a co-owner.

Conclusion

Despite facing numerous challenges, women, especially younger women, are spearheading diverse and inclusive movements for social change. Empowering women is essential for societal progress. It is vital for every woman to attain financial, social, and mental independence, contributing to a promising future for themselves and the community as a whole.