Stamp Duty - Registration fees-NO house loan taken -u/s 80C?

Tax queries 3148 views 7 replies

satheesh

lecturer

26 Points Posted on 31 December 2010

Hi friends,

I was searching google and came across this excellent active forum on tax queries. Kindly clarify the query i have. Thanks in advance.

I have bought a house property in May 2010 jointly with my brother. The stamp duty is 160000 and other regisration costs are 15000. We have not taken any loan for buying this property. My brother is happy for me to claim this under section 80C or any other applicable sections. He is ok to sign the declaration that he will not claim it for tax deduction. My queries are:

1. Can i claim the stamp duty and registration charges under Section 80C? We have not taken any house loan for this. Will it still be eligible for deduction under Section 80C or any other applicable section?

2. If i don't wish to claim this year, Can i claim the stamp duty and registration charges in the next financial year?

Thanks

Replies (7)

U S Sharma

glidor@gmail.com

21068 Points Posted on 31 December 2010

80C is available to actual payment basis from current year taxable income only, its not available on book entry.

you can claim only your proportionate share, in current year only, it can not be forwarded to coming years.

satheesh

lecturer

26 Points Posted on 31 December 2010

Thanks Sharma for quick response. I have not taken loan at all for this property. Is the stamp duty and registration fees eligible for deductions under section 80C?

Thanks

U S Sharma

glidor@gmail.com

21068 Points Posted on 31 December 2010

Originally posted by : satheesh
	Thanks Sharma for quick response. I have not taken loan at all for this property. Is the stamp duty and registration fees eligible for deductions under section 80C? Thanks

as far as i m informed, there is no seperate section apart from 80C, for claim of registration from total income .

satheesh

lecturer

26 Points Posted on 31 December 2010

Ok.

And i am staying in a separate house for rent. The house is at a separate place but in the same city.

To claim HRA, should i be declaring that the house is not self occupied and rented out? And i will provide the bills for the rent i paid?

Pradeep Kamath

Chartered Accountant

134 Points Posted on 31 December 2010

HRA exemption is not available if the residential accommodation occupied by the assessee or the assessee has not actually incurred expenditure on payment of rent. In your case, the exemption can be claimed if you have incurred expenditure towards rent.

Anandlal V B

Technical Lead

21 Points Posted on 17 November 2011

What should be the document to be submitted to avail the excemption for Stamp duty and registration fee ?

CA Hardik Bunha

self

2121 Points Posted on 17 November 2011

Defenitely allowable u/s 80c both stamp duty and registration charges.

it is no matter if u r staying in that house or other house in same city but it is compulsary for deduction that income from that house should be chargeable to tax under HOUSE PROPERTY. (no matter it is Self-occupied or let out).