Sec 80c

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Querist : Anonymous

Querist : Anonymous (Querist)

18 January 2014 Any payment in respect of any expenditure incurred towards stamp duty, registration charges for transfer of the house to the assesses is allowable as deduction under sec.80C of Income tax act.

with regards to this i have a query, what if house is registered jointly in the name of husband & wife. Can any one person claim deduction under 80C for full payment or he can claim 50% only.

Nikhil Kaushik

Nikhil Kaushik (Expert)

18 January 2014 Dear friend,

what is deductible under 80C is the repayment of loan taken for purchasing house. So if the charges referred by you were included in the loan amount, repayment of the same would be covered under 80C.

As such, you need to capitalize these costs as cost of acquisition.

With regards to deduction, it shall be available to the person who is paying back...so if you are paying back the whole amount, you shall be eligible for whole of it.

Querist : Anonymous

Querist : Anonymous (Querist)

18 January 2014 So if payment made by both of them 50 % each then only 50% will be restricted for claimimg exemption U/s 80C.?? right?

Nikhil Kaushik

Nikhil Kaushik (Expert)

18 January 2014 Yes. Absolutely correct. Its simple. U claim what you pay!!

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AVTAR SINGH

AVTAR SINGH (Expert)

18 January 2014 Apart from principal amount repaid to bank etc., the payment made for purchase of house property and the stamp duty/registration charges for the purpose of transfer of such house property is also deductible u/s 80C.

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