Query

Tax queries 198 views 4 replies

Kindly tell me whether stamp duty paid on purchase of residential house is exempt from tax if the acessee is having only income from salary

Replies (4)

Deduction is allowed u/s 80C for Stamp duty and registration charges paid at the time of registry of House property. 

U/s 80C it is available 

Stamp Duty and Registration Charges are covered under Section 80C, thus falls in the threshold limit of Rs.1.5 lakhs. Any amount paid over and above the threshold limit is not eligible for deduction that means maximum amount of deduction of Stamp Duty and Registration Charges paid is restricted to Rs.1.5 lakhs.

These expenses can probably exhaust your full threshold limit but do remember that there are other significant avenues covered under the same section, such as LIC, PPF, 5 year tax savings fixed deposit etc.

Thnx all respected members for your help
regds.


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