Hello,
My wife and I are planning to buy a property in the holding ratio of 70:30. Now I know that she has to pay 70% of the TDS and I have to pay 30% and generate 2 separate forms.
what about stamp duty? Do we both have to pay the stamp duty separately from respective accounts in 70 : 30 proportion? For example for 10 lakhs stamp duty, 7 lakhs from her account and 3 lakhs from mine? I want to separately claim 80C deduction for this.
Thank you.
If you wish to claim deduction u/s. 80C of the act, better pay it separately from respective accounts...
Thanks for your prompt reply. The builder is insisting on single payment for ease of their CRM system. Can I pay to my wife the 30% and she make the whole payment? Later on if I show the transfer transaction will it be sufficient?
Yes, that can be done...
If I am not claiming deduction can anyone pay it? If yes
The total contributions for the property has to be maintained in 70:30 ratio. Will this include stamp duty too?
For example property value is 90 lakhs, stamp duty is 10 lakhs.
Now can my wife pay the whole 10 lakhs stamp duty? I do not claim anything u/s 80C
Then do I have to pay 30% of 90 lakhs that is 27 lakhs, excluding stamp duty amount to show 30% ownership? Or later during payment against the unit, I have to pay 30 lakhs to make up for my part of the stamp duty amount to claim 30% ownership? So that form the total cost unit + stamp duty, I have paid 30 lakhs even though I did not pay stamp duty individually.
| Originally posted by : Dhirajlal Rambhia | ||
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Yes, that can be done... |  |
Sir, thanks a lot for your valuable guidance. Now I am thinking what if both of us contribute proportional money by transfer to our joint A/c and pay from there to show clear record of the transaction. Is this a better option? This will be my last question. Thanks again.
1. Yes that is also good option.
2. Generally, even if ration for stamp-duty or similar miscellaneous expenses are not maintained, then also it will not affect much, as after all it is between husband & wife.
Need to maintain the ration in agreement value, which is more important.
Best of Luck...
Thanks a lot sir for your valuable time..
U R welcome ...
@ Mr. Shah
Read clause Sec. 80C(2)(xviii)(d) from the attached list....
Alternatively, It can be capitalized to the cost of property.
Ok.......thanks for sharing the said....I was really anware
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