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Exemptions u/s 80c

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72 Points Posted on 25 February 2013

Plz rep.,

Case;

A person purchased a house property in the joint names of himself n his wife.

Now, both the owners participated in the loan taken for purchaseing the property and therefore can claim deduction u/s 80c of Rs 100000 and u/s 24 of Rs 1.5lacs for interest payment.

Now my question is that stamp duty is paid by the husband only from his account, then who can claim deduction of stamp duty charges u/s 80c, since the complete loan is shared by both the parties equally.

And if wife donot have required source of income then how could she avail the benefits of exemptions.

Plz reply asap.

Thanks in anticipation.

Replies (1)

Giridhar S Karandikar

Team Lead

5675 Points Posted on 25 February 2013

please note that the overall deduction u/s 80C is Rs.1lacs. so first see that if the principal payment of Rs 1lacs get exhausted for both the husband & wife u/s 80C. If it does then do not worry about the stamp duty as even if the total paymetn exceeds Rs 1lacs the overall limit is restricted to Rs 1lacs only.

However if the the total limit of 1lcas is not exhausted towards teh principal payment, then the wife can pay the half share of the stamp duty to the husbands account, because on the receipt both of the names of husband & wife would appear, so both of them can claim the deduction u/s 80C by showing the receipt for pymt of stamp duty as a proof is queried by the I-T dept. But please ensure that both names of husband & wife appear on the receipt, else only husband can take the deduction & not the wife.