Deduction under Section 80C

2641 views 4 replies

Dear All,

I have purchase a Flat in F.Y. 2010-11, paid Stamp duty and registration fees Rs. 2.50lac approx.  my possesion is in F.Y. 2012-13.

I know there is a amendment in 80C to availe the tax benifit on Stamp duty and registration.  but i am not able to find out the correct sub-section.

could anybody help me to update on this issue.

Thank You

Best Regards

Prashant

Replies (4)

 

There is no deduction available u/s 80C for stamp duty and registrations fees. At the time of selling flat you can add this expenses in your cost of flat.

yes, there is no deduction available in 80C for stamp duty...but u can claim cost in such asset..as correctly stated by Mr Pankaj Arora

Originally posted by : Pankaj Arora

 

There is no deduction available u/s 80C for stamp duty and registrations fees. At the time of selling flat you can add this expenses in your cost of flat.

Hi Prashant,

Stamp duty & Registration expenses qualify for deduction under clause xviii(d) of subsection 2 u/s 80C of Income Tax Act, 1961.

80C(2)(xviii)(d) says: The sums referred to in sub-section (1) of 80C shall be any sums paid or deposited in the previous year by the assessee for the purposes of purchase or construction of a residential house property the income from which is chargeable to tax under the head “Income from house property” (or which would, if it had not been used for the assessee’s own residence, have been chargeable to tax under that head), where such payments are made towards or by way of  stamp duty, registration fee and other expenses for the purpose  of transfer of such house property to the assessee.


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