Is deduction allowed for stamp duty & registration charges?


By VRP

Is Deduction Allowed For Stamp Duty Registration Charges.jpg

Is reduction enabled for stamp task & registration charges? In this short article You can discover Complete details relating to Deduction for Stamp Responsibility and Registration Charges Like– Maximum quantity of deduction?

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Is reduction allowed for stamp task & registration charges?

It’s very troublesome to pay Stamp responsibility and registration charges on a newly acquired/constructed house residential or commercial property. Undoubtedly it’s really pricey affair to buy a house residential or commercial property. This we have to pay the stamp duty and registration charges. It might be 8 to 10% of the worth of residential or commercial property bought, the stamp task and registration charges together.

When you purchase a home or construct a home residential or commercial property then Stamp Responsibility & Registration Charges along with other expenditures which are directly connected to the transfer are permitted as a reduction under area 80 C of earnings tax act 1961.

However, the reduction is offered if such expenses have been sustained in regard of a brand-new home property.

According to the arrangements laid down in section 80 C (2) (xviii) (d) of the Income tax Act, 1961 deduction in respect if stamp task, registration cost and other expenses for the purpose of transfer of home is permitted just if they are spent for the function of purchase or construction of a property home.

Maximum quantity of deduction?

From the monetary year 2014-15 An individual can claim tax reductions of up to Rs 1,50,000 under 80 C. As this reduction is covered under 80 c the threshold limit of 150000 comes into picture.

Should Check Out–

  • Deduction of Principal of Housing loan and Its Interest
  • rebate u/s 87 A
  • Submission of PAN Particulars of Landlord– Is mandatory

It’s a payment based reduction:

This is a payment based deduction … means reduction in respect of stamp responsibility and registration charges is allowed just if the payment is in fact made. Otherwise reduction is not enabled. If you want to claim reduction u/s 80 c for these, then you should have paid the stamp duty and registration charges without having any fees.

Essential points to be thought about:

1. This reduction is offered to the assessee just after real ownership of the house home.

2. As said above payment ought to be made by the time one expected to claim reduction.

3. This deduction is offered just for the purchase of new property house home and not industrial residential or commercial property.

4. Your home property in regard of which assessee claims deduction must be signed up under the name of the assessee only.

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