Income tax Query
This query is : Resolved
07 February 2011
first of all, thanks for support. my client purchase of house amounting rs. 10 lacs and he is paid stamp duty of rs. 1 lacs approx can we avail tax benefit under section 80 C regarding of stamp duty paid of rs. 1 lacs.
i m confuse pls suggest.
Regards
Amit K. Agarwal
Tax Consultants
first of all, thanks for support. my client purchase of house amounting rs. 10 lacs and he is paid stamp duty of rs. 1 lacs approx can we avail tax benefit under section 80 C regarding of stamp duty paid of rs. 1 lacs.
i m confuse pls suggest.
Regards
Amit K. Agarwal
Tax Consultants
07 February 2011
Yes sir, you can claim Rs. 1.00 U/s 80C.
Message likes :
1 times
08 February 2011
Yes you can claim the deductions under section 80C (xviii)(d).
Message likes :
1 times
08 February 2011
Yes u can claim the deduction
(d) stamp duty, registration fee and other expenses for the purpose of transfer of such house property to the assessee,
but shall not include any payment towards or by way of—
(A) the admission fee, cost of share and initial deposit which a shareholder of a company or a member of a co-operative society has to pay for becoming such shareholder or member; or
(B) the cost of any addition or alteration to, or renovation or repair of, the house property which is carried out after the issue of the completion certificate in respect of the house property by the authority competent to issue such certificate or after the house property or any part thereof has either been occupied by the assessee or any other person on his behalf or been let out; or
(C) any expenditure in respect of which deduction is allowable under the provisions of section 24;
(d) stamp duty, registration fee and other expenses for the purpose of transfer of such house property to the assessee,
but shall not include any payment towards or by way of—
(A) the admission fee, cost of share and initial deposit which a shareholder of a company or a member of a co-operative society has to pay for becoming such shareholder or member; or
(B) the cost of any addition or alteration to, or renovation or repair of, the house property which is carried out after the issue of the completion certificate in respect of the house property by the authority competent to issue such certificate or after the house property or any part thereof has either been occupied by the assessee or any other person on his behalf or been let out; or
(C) any expenditure in respect of which deduction is allowable under the provisions of section 24;
Message likes :
1 times
08 February 2011
Yes you can claim the deduction u/s 80C
Message likes :
1 times
Guest
Guest
(Expert)
09 February 2011
Only repayment of principal housing loan is eligible for deduction u/s 80C. Stamp duty it self not eligible for deduction under section 80 C
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- Can a partnership firm become partner in a LLP ?
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- TDS on purchase of value vouchers for employees ?
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
