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ITR for Stamp Duty and Registration Charges for Transfer of Property

Rupesh (AAccountant) (40 Points)

10 January 2025

Can i claim ITR for Stamp Duty and Registration charges paid for Transfer of propery i.e from co-owner to single owner.

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Rama chary Rachakonda (Master in Accounts & high court Advocate email ID:ramachary64@gmail.com voice no:9989324294) (7494 Points)
Replied 10 January 2025

Stamp Duty and Registration charges are indeed expenses related to property transfer.

Claiming ITR for Stamp Duty and Registration Charges As per the Income Tax Act, 1961:

1. _Section 80C_: Allows deduction for stamp duty, registration fees, and other expenses related to the transfer of property. However, this deduction is only available for the purchase or construction of a new property, not for transfer of ownership. 2. _Section 48_: Deals with the computation of capital gains. While it doesn't directly allow a deduction for stamp duty and registration charges, it does permit these expenses to be added to the cost of acquisition, which can help reduce the capital gains liability. However, in your case, since the property is being transferred from a co-owner to a single owner: 1. _No capital gains implications_: As the transfer is between co-owners, it's not considered a taxable transfer, and capital gains provisions won't apply. 2. _No deduction under Section 80C_: Since the property is not being purchased or constructed, Section 80C won't apply. Conclusion Unfortunately, you cannot claim a direct deduction for Stamp Duty and Registration charges paid for the transfer of property from a co-owner to a single owner. However, it's always best to consult with a tax professional or chartered accountant to ensure you're taking advantage of all eligible deductions and exemptions. They can review your specific situation and provide personalized guidance.

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