80c or cost of acquisition

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2012 i have paid stamp duty and registration amount for purchase flat. now i am confuse where that charges should be claim . in cost of acquisition or 80c. i have capital gain from a 5 year old flat.

Amol S Joglekar

Amol S Joglekar (Expert)
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01 September 2012 Both the sections are independent of each other.

Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2012 i want to know the concept of stamp duty and registration amount claim in 80c

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Pankaj Gupta

Pankaj Gupta (Expert)
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03 September 2012 whatever expense incurred by the assessee for acquisition of a property should be included in the cost of acquisition. So both of these expenses should be considered while calculating cost of acquisition.

Querist : Anonymous

Querist : Anonymous (Querist)

03 September 2012 sir please tell me concept of stamp duty and registration amount claim in 80c

Querist : Anonymous

Querist : Anonymous (Querist)

03 September 2012 i read it in 80c also please explain it.

Amol S Joglekar

Amol S Joglekar (Expert)
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04 September 2012 The concept of stam duty is given in the Indian Stam Act. The requisite amount of stamp is required to be paid/used/affixed; as the case may be at the time of regostration of documents. Registration charges are in addition to this stamp duty. Now let me know what is your query.

Querist : Anonymous

Querist : Anonymous (Querist)

04 September 2012 sir i have read in google search that we can take deduction of stamp duty and registration expenses from chapter vi-80c. in the limit of RS 100,000. like ppf and lic etc

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Amol S Joglekar

Amol S Joglekar (Expert)
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05 September 2012 yes , absolutely correct. The over all limit of 80C is 100,000. (Inclusive of PPf, PF, LIP, and this stamp duty and registration charges.)

Querist : Anonymous

Querist : Anonymous (Querist)

05 September 2012 it means double benefit can be taken by adding in cost of purchase of new property and claiming in 54 and also from 80c

Pankaj Gupta

Pankaj Gupta (Expert)
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05 September 2012 You can claim such exp at only one place.
you cant enjoy the benefit twice.

Amol S Joglekar

Amol S Joglekar (Expert)
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05 September 2012 There is no specific disallowance as to NOT to claim the same amount TWICE. Choice is yours.

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