IT BENIFIT FOR STAMP DUTY AND OTHER PAYMENTS

1.WHETHER EXPENSES TOWARDS STAMP DUTY AND REGISTRATION IS EXEMPTED TOWARDS NEW HOUSE PURCHASE?WHAT  PROOFS WE HAVE TO KEEP FOR SAME?

2.WHETHER PAYMENTS GIVEN TO BUILDER FOR PURCHASE OF HOUSE BY US (NOT  BY WAY OF HOME LOAN) IS EXEMPTED IN TAXES?

3. HOUSING LOAN -MORTAGE EXPENSES  IS EXEMPTED OR NOT.WHAT  PROOFS WE HAVE TO KEEP FOR SAME?

Replies (1)

1. Registration and stamp duty may get capitalised with the house property value, records registration cost is stamped on the registration deed / instrument. 

There is no specific exemption available under incometax for registration purpose only. 

 

2. sec 80C specifies only "repayment" of housing loans, direct payment towards cost of house property can not be claimed under this sec. 

 

3. No - The charges are accounted as "bank charges" and no deduction is allowed for "residencial house property" however if the property has income from it, then the same can be set off from that income only. 

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