Section 80c deduction on stamp duty in my situation
This query is : Resolved
14 April 2018
Hi,
I sold my old Flat in Oct 2017 and my taxable Capital Gain from the sale is Rs 6.69 Lakhs.
I have purchased a new Flat in Feb 2017 for Rs 11 Lakhs. I will therefore be claiming Section 54 tax exemption on the entire capital gains since the cost of the new flat is more than the capital gain.
Also I paid stamp duty and registration fees of around Rs 1.21 Lakhs and duly registered the new flat in my name in Mar 2017.
My question is whether I can claim tax deduction under section 80C on the Rs 1.21 Lakhs I paid as stamp duty and registration fees apart from the section 54 tax exemption ?
(Please note that I have taxable Income from Other Sources for the same financial year i.e. FY 2017-18). I do not need to include the stamp duty in the section 54 tax exemption as the cost of the new flat itself exceeds the capital gains.
Regards,
Snehashish
I sold my old Flat in Oct 2017 and my taxable Capital Gain from the sale is Rs 6.69 Lakhs.
I have purchased a new Flat in Feb 2017 for Rs 11 Lakhs. I will therefore be claiming Section 54 tax exemption on the entire capital gains since the cost of the new flat is more than the capital gain.
Also I paid stamp duty and registration fees of around Rs 1.21 Lakhs and duly registered the new flat in my name in Mar 2017.
My question is whether I can claim tax deduction under section 80C on the Rs 1.21 Lakhs I paid as stamp duty and registration fees apart from the section 54 tax exemption ?
(Please note that I have taxable Income from Other Sources for the same financial year i.e. FY 2017-18). I do not need to include the stamp duty in the section 54 tax exemption as the cost of the new flat itself exceeds the capital gains.
Regards,
Snehashish
14 April 2018
Not eligible to claim 80C in FY 2017-18 since the said expenses were paid
in FY 2016-17 (March,2017)
in FY 2016-17 (March,2017)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Capital gain from sale of house property
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Regarding TDS Applicability For Director Remuneration
- Multiple trade mark
- Value of property in capital gain
- LC charges in relation to Asset purchased should be Capitalised ?
- FORM 26A APPLICABILITY
- Before GSTAT- APL-02 Vs APL-04
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
