exemption available on house purchase

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This query is : Resolved

john (Querist)

25 January 2010 Mr. x has purchase a FLAT in in a C.H.S
Along with the flat value he has met
stamp duty charges
othere misc charges(water, elec etc)
Brokerage Charges
Q. u/s 80c or any other section is he liable for any exemption on the above transaction.

CMA. Dinesh S Adhikari, ACMA

CMA. Dinesh S Adhikari, ACMA (Expert)

25 January 2010 He can claim deduction u/s 80C but only if he paying any amount towards payment of HOUSING LOAN.

Altough, at the time of selling that house, he can claim all those expenses as Cost Of Acquisition.

Regards!!!
Dinesh S. Adhikari

CA Prashant Gupta

CA Prashant Gupta (Expert)

25 January 2010 You didn't mentioned about that whether he has taken housing loan or not.
in this I assume he has taken housing loan. He can claim repayment of loand u/s 80C.
stamp duty charges, mis charges or brokerage will be get as deduction u/s 80C.

john

john (Querist)

25 January 2010 thank you all experts
i wud like to confirm
for the A.y.20010-11, principle payment up to Rs.1lac u/s 80c, and interest on loan up to Rs.150000 u/s 24 is available. or if any amendments plz state.

stamp duty chrgs, brokerage chrgs etc are exempt u/s 80c
thank you again

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