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House Property

Praveen kumar (Accountant) (53 Points)

26 September 2020

Buyed a house in June 19 with bank loan and paid stamp duty in same month and got possession in Feb 20. Can I awail stamp duty amount and home loan interest??

Thank u

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3 Replies

Ramya Bhat (254 Points)
Replied 26 September 2020

Stamp duty paid for buying a house will come under deduction under sec 80 C..
and interest on home loan will come under 24(b)

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 27 September 2020

Yes, You can avail/claim Deduction of Stamp duty Paid on Purchase of house and can also claim Deduction of Principal part of loan repayment u/s 80C within a overall limit of Rs. 1,50,000
You can also claim Deduction of interest u/s 24 under head income from house Property.

So, Total You can claim Deduction of Stamp duty, and Principal and interest amount in loan under different sections.

Taha (T) (405 Points)
Replied 27 September 2020

Principal amount under section 80c upto 150000 interest under section 24(b) if house is for self occupation then restricted upto 200000 under 24b if house stamp duty value is below 45lakhs and loan is sanctioned in 2019to 2020 then u can claim additional interest paid above 200000 bit restricted to 150000 under section 80EEA