I need clarification that one of my friend recently purchased 2 Bed Room Flat for Rs. 15.0 Lacs at hyderabad and he paid Rs. 1.00 Lac towards stamp duty at the time of Registration time.
Now the query is whether he can Avail the exemption U/S 80C towards the payment of Rs. 1.00 Lac stamp duty.
With Regards
B.sreenivasa Rao
ACCORDING TO MY VIEW NO EXEMTION ON STAMP DUTY FOR LAND & BUILDING ITS MAY BE ADD IN THE VALUE OF PROPERTY
ALSO I SAY THAT THERE IS NO EXEMPION IN 80C FOR STAMP DUTY IN INCOME TAX
Dear b.sreenivasa rao brother
First of all
Exemption is different from Deduction in Income Tax Act
Ans : Yes, He can avail deduction u/s 80C of Income Tax Act,1961
As per 80C(2)(xviii)(d)
(d) stamp duty, registration fee and other expenses for the purpose of transfer of such house property to the assessee
so your frnd can avail deduction 80C.....!!!!!!!!!!
Thaks for oppurtunity
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...
THANKS MR. PHANI KUMAR VANVMALA
Dear Rao,
The amount of stamp duty paid at the time of registration of house can be claimed under Sec-80C.
yes, ur friend can get deduction U/S 80C for stamp duty.
CAclubindia
