Deduction under 80C

ITR Filing 740 views 5 replies

KAILASH A. DANGADE

ACCOUNTS & FINANCE MANAGER

121 Points Posted on 22 July 2010

Dear All,

I have Income from Salary of Rs. 1, 61,250/- in Financial Year 2009-10.

As per My Form 16 my Total income Is Rs. 1, 46,273/- (Deduction under Section 80C Rs. 14,952/-)

TDS Deduct Rs. 853/-

I have other Income of Rs. 45,000/-

I have taken New Flat in last financial year for that i paid Stamp Duty & Registration Cost of Rs. 33,000/-

Can I take stamp Duty & Registration Cost as a Deduction from my Total Income?

Can I put both income (Salary & other) in my ITR1 & take Deduction of Rs. 47,952/- (14,952/- + 33,000/-) under section 80C.

Please reply on this.

Thanks

Kailash

Replies (5)

Guest

dear sir

stamp duty and registration fees paid is allowable in the year of purchase.if u can show this in current financial year then u can claim it under sec.80C

and yes u can use itr 1 for both incomes.

regards

tarun rustagi

karthi sabapathi

student

173 Points Posted on 22 July 2010

those expenses are related to House property..... Under Income from house property ,you can claim deduction for expenses incurred for intererest on housing loan ,in case of self occupaid house property. No other expenses you can claim.

Guest

dear karthi

i am not agreed with you.it is allowable under sec.80C but in the year of purchase or in which construction is completed.plz take a look of the section.

regards

tarun rustagi

Raghav Toshniwal

student

450 Points Posted on 25 July 2010

The amount you pay as stamp duty when you buy a house, and the amount you pay for the registration of the documents of the house can be claimed as deduction under section 80C in the year of purchase of the house only.

ITR 1 is for people having a salary (or pension) and having savings bank accounts, fixed deposits, National Savings Certificates (NSCs), or other interest bearing instruments.

So, in your case, you have no income from business & profession or from House Property; therefore you can show both income in ITR 1...

Regards

RAGHAV