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Deduction on residential open plot

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Sunilkumar Gondkar

148 Points Posted on 19 March 2021

can assessee get deduction of stamp duty on purchase of residential site for filing of IT return.

Replies (2)

Quick Summary

This discussion clarifies whether stamp duty paid on the purchase of a residential plot can be claimed as a deduction when filing your Income Tax return. The consensus is that stamp duty is considered an additional mandatory cost and forms part of the property's book value. Therefore, no separate deduction is provided for stamp duty payments in income tax computations.

CA Akshay Poriya

job in industry

329 Points Posted on 19 March 2021

The stamp duty on purchase of residential site is the additional mendatory cost and a one part of purchase of residential property . it will be adding in the book value of residential site .there will be no any separate deduction provided for payment of stamp duty.