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Income tax deduction

Sonal (CA Final) (382 Points)

26 July 2016

if new flat is purchased, can stamp duty n registration charges on the same can be claimed as a deduction under any of the section of Income tax act? Flat is under construction and owner is husband and wife. Can wife claim whole deduction?

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4 Replies

Udgam Koomar (Tax Technologist) (1949 Points)
Replied 26 July 2016

I Think only when you sell it.

Sonal (CA Final) (382 Points)
Replied 26 July 2016

but in the case when u purchase then only u pay and in case of sale there is no such question.

Dinesh Mertiya (PROFESSIONAL) (761 Points)
Replied 26 July 2016

"if new flat is purchased, can stamp duty and registration charges on the same can be claimed as a deduction under any of the section of Income tax act? Flat is under construction and owner is husband and wife. Can wife claim whole deduction?"

Stamp duty and registration charges are expenditure in capital nature, you can claim deduction at the time of sale as cost of flat

wife can't claim whole deduction (upto maximum her share in flat)