18 January 2015
Are tax exemptions given for stamp duty and registration charges paid for a new flat registration. Is it allowed even when the flat is under construction stage or it is considered only when its ready to occupy? Does all charges paid to registrar office are exempted including the construction agreement charges applicable in TN state. Please provide detailed clarification.
18 January 2015
The amount you pay as stamp duty when you buy a house, and the amount you pay for the registration of the documents of the house can be claimed as deduction under section 80C in the year of purchase of the house. Even the house is under construction you can claim it in the year of payment.
20 January 2015
What about MOD charges that are paid to state govt.Will that be eligible for tax exemption? Also does home insurance amount is exempted?
04 March 2015
I'm still confused on whether the registration charges are eligible for tax exemption. When contacted TRP they said only stamp duty is exempted and no other charges can be claimed as exemption. Can you please help me out in knowing which is the correct information.
04 March 2015
Stamp Duty and Registration Charges for a home: The amount you pay as stamp duty when you buy a house, and the amount you pay for the registration of the documents of the house can be claimed as deduction under section 80C in the year of purchase of the house. You ask them to refer section 80C of the Income tax Act.
I went through the Sec 80C specified in the IT act and below are the details that were specified in that act.
"stamp duty, registration fee and other expenses for the purpose of transfer of such house property to the assessee" (source:- incometaxindia.gov.in)
What charges are classified as other expenses here? There is still some vagueness as there is no clear mentioning of the exempted charges pertaining to house purchase. I'm not sure if they update the sections frequently as Sec 24 still shows the housing loan interest income exempted as 1.5 lakhs and not as 2 lakhs.
20 March 2015
Can MoD charges be claimed under this section as the payment is going for the state government towards registering the housing document? What about the home insurance amount..Will that qualify for tax exemption.
20 March 2015
If MOD charges are for registering the document it can be claimed but not insurance it is not for transfer. You claim 2 lakhs interest in the return it will be allowed.
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