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Income from other sources
immovable property purchased at an amount less than the stamp duty value. Section 56(2)(vii) is invoked. however any brokerage or stamp duty value paid by the buyer is it allowable?
Replies (5)
Quick Summary
If the said property ia purchased by purchaser which less than the fair market value then the purchaser have to put the difference amount in income from other source.
Any amount of brokerage paid or stamp duty paid by the buyer, is that amount allowed as deduction??
Yes it is allowable
Section number? or any case law
You can also claim deduction under Section 80C on the stamp duty and registration charges as well as other expenses directly related to the transfer of property
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