If construction of the property not complete / possession in same finacial year ? thane stamp duty and registration fee deduction for income tax benefit ?

474 views 10 replies
if construction of the property not complete / possession in same Finacial year ? Thane stamp duty and registration fee deduction for income tax benefit ?
Replies (10)

Yes, Deduction will be available in Section 80C.

Yes, you can claim u/s 80c, but posession must be given in the same year, let's see other view also

Yes you can claim deduction u/s 80C.

. Deductions can only be claimed in the year of actual payment. Suppose you bought house and paid Stamp Duty and Registration Charges in September 2014, than you can claim deduction for these expenses u/s 80C in the financial year 2014-15 only. Expense for earlier year cannot be claimed.

Condition of possession is applicable only for claiming deduction of principal repayment of housing loan repayment u s 80c , as house should be capable for earnign HPI and therefore possession is not a pre requisite conditions for claiming deduction of stamp duty and registration cost incurred.
Condition of possession is applicable only for claiming deduction of principal repayment of housing loan repayment u s 80c , as house should be capable for earnign HPI and therefore possession is not a pre requisite conditions for claiming deduction of stamp duty and registration cost incurred.

On similar topic,

I am including stamp duty and registration fee in cost of property to claim exemption under section 54F.

Can I include the same under 80C also?

Yes, we can claim stamp duty and registeration fees in the cost of acquisition of the property u/s 54F and as deduction u/s 80C.

Condition of possession is applicable in case of claiming of interest part not on principal part or stamp duty etc. Therefore, if you pay EMI before possession, the principal part of it may be claimed in the year of payment including stamp duty etc if any paid during the relevant fy. Interest not claimed earlier is claimed in 5 installments after the year of possession. But if you dont claim principal under 80C, it will get it lapsed. Further 80C does not talk about possession crtiteria therefore whenever eligible expenses are incurred under this section, it can be claimed as deduction.
Condition of possession is applicable in case of claiming of interest part not on principal part or stamp duty etc. Therefore, if you pay EMI before possession, the principal part of it may be claimed in the year of payment including stamp duty etc if any paid during the relevant fy. Interest not claimed earlier is claimed in 5 installments after the year of possession. But if you dont claim principal under 80C, it will get it lapsed. Further 80C does not talk about possession crtiteria therefore whenever eligible expenses are incurred under this section, it can be claimed as deduction.
Condition of possession is applicable in case of claiming of interest part not on principal part or stamp duty etc. Therefore, if you pay EMI before possession, the principal part of it may be claimed in the year of payment including stamp duty etc if any paid during the relevant fy. Interest not claimed earlier is claimed in 5 installments after the year of possession. But if you dont claim principal under 80C, it will get it lapsed. Further 80C does not talk about possession crtiteria therefore whenever eligible expenses are incurred under this section, it can be claimed as deduction.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register