I have sold a Long term Asset, resulting in LTCG. I invested the proceeds in Residential House property to avail exemption u/s 54F. along with the purchase price of the house, i also incurred Stamp duty & registration fees of rs.10 lacs
My query is - can I claim BOTH exemption u/s 54F (10lacs) & deduction u/s 80C (upto 1.5 lacs), wrt to the Stamp futy & reg fees.
& if both the benefits are available simultaneously, is there any specific provision of law or case law which says for or against...
Hello,
I don't think you can claim an exemption under both sections.
But prefably u should claim it under Section 54F as it will reduce your Long term Capital Gain which is charged at a flat rate.
do u have any case law / Provision to quote? Coz in its absence, it will be better to interpret the law to the benefit of assessee.
Stamp Duty and Registration Charges for a home: 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.
Shiroor, whether deduction u/s 80C can also be claimed along with exemption u/s 54F, simultaneously, for the same amount .ie 10lacs. ie double benefit for single expenditure. is it possible?
No 8.5 lk for 54F and 1.5 lk for 80C inv. You cannot claim both simultaneously . Like there is no double taxation there is no double deductions also.
any case law? as this is not double deduction. one is exemption. one is deduction. and chapters are also different.
Agreed it is not double deductions but one is a deduction and other is exemption. But you are taking double benefits. Both are used to reduce your tax liabilitywith same source of funds
If your Tax liability reduces with same application of funds then no Assesing officer will allow this.
Other experts also plz throw some light on this
Thanks S.Shiroor, I appreciate your views.. and 'll look fwd for wht others hav to say on the same 
No deduction under sections 80C to 80U is allowed from long-term capital gains
https://www.incometaxindia.gov.in/Tutorials/15-%20LTCG.pdf
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