Save taxes from Property Purchase

TDS 348 views 13 replies

Satya Murty

Software Engineer

31 Points Joined December 2020

Dear All,

This question may appear very basic to you, but I needed help, so I joined this forum for guidance.

I am a salaried software engineer in an MNC. I just purchased a property (December 2020) in Pune, Maharashtra. Till now I was living in a rented house. I wanted to know, how to submit my income tax proof to the company to save income tax.

Some parts of the stamp duty and registration charges are used for saving tax? I think I can submit them.

Can the down-payment for the property (10 lakhs) be submitted in the HRA for tax benefits? At present I have rent receipts, which is of a much less amount. If can submit the down payment under HRA, it might save a lot of tax.

My EMI will start in February, so only two EMI till March. That I can probably use for tax saving?

Anything else? Please guide me here. You can point to some Web resource as well, for guidance.

My knowledge for finance is next to zero.

Regards,

Satya

Replies (13)

Balamurali Unnithan MS

STUDENT

1631 Points Joined August 2017

Show income in capital gain source , u can deduct commission / brokerage paid , maintanance maid in the property , stamp charges / registeration fees !

But your question is not clear!

Satya Murty

Software Engineer

31 Points Joined December 2020

Originally posted by : Balamurali Unnithan MS
	Show income in capital gain source , u can deduct commission / brokerage paid , maintanance maid in the property , stamp charges / registeration fees !But your question is not clear!

Thanks for the reply. My question was simple. I am purchasing a property. Paying down payment of 10 lakhs, and rest is loan.

So, can I use this 10 lakhs as HRA for tax exemption? Which documents I need to submit?

I will pay only two EMIs, this year. February and March. This will be very little to cover HRA.

ayusmita

Tax consultant

5895 Points Joined September 2020

No you can't take down payment as hra
hra is house rent allowance
in Deduction you can take stamp duty, registration fees, processing fees, interest all

Satya Murty

Software Engineer

31 Points Joined December 2020

Originally posted by : ayusmita
	No you can't take down payment as hra hra is house rent allowance in Deduction you can take stamp duty, registration fees, processing fees, interest all

Yes. Got this from friends, I am learning fast and getting frustrated.

Stamp duty and Registration etc will have to fit in the 80c quota of 1.5 Lakhs, right? Along with LIC/PPF/ Emp Contribution to PF etc.?