House Property and Deduction U/s 80C
This query is : Resolved
Mandeep Modi
(Querist)
27 December 2008
I have a query on house property.
There are two assessee X and Y. Both own the property equally. But EMI on loan is paid by X and the benefit was claimed by Y on the Interest and Principal amount in his return of income. But Y haven’t claimed Stamp duty charges and registration fees U/s 80C. Now X who haven’t filed the return can claim such expenses u/s 80C.
There are two assessee X and Y. Both own the property equally. But EMI on loan is paid by X and the benefit was claimed by Y on the Interest and Principal amount in his return of income. But Y haven’t claimed Stamp duty charges and registration fees U/s 80C. Now X who haven’t filed the return can claim such expenses u/s 80C.
CA Tilak Raj Sharma
(Expert)
27 December 2008
No, stamp duty fees and registration fees cannot be claimed u/s 80C.
U/s 80C, you can only claim the repayment of Housing Loan and i.e. principal amount of loan (not interest).
U/s 80C, you can only claim the repayment of Housing Loan and i.e. principal amount of loan (not interest).
K V Subba Rao
(Expert)
27 December 2008
Pl refer Note (9)(d) to Para 107.1 of 31st edition of Singhania's Direct Taxes Ready Reckoner which reads as follows:
"The following payment made towards the cost of purchase/construction of a new resdential house property is qualified for the purpose of section 80C....stamp duty, registration fee and other expenses for the purpose of transfer of such property to the assessee"
"The following payment made towards the cost of purchase/construction of a new resdential house property is qualified for the purpose of section 80C....stamp duty, registration fee and other expenses for the purpose of transfer of such property to the assessee"
27 December 2008
I support Mr.Rao's view. Ref section 80C(2)(xviii)(d).
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