When you purchase a house property, you pay stamp duty. Stamp duty and registration charges can be deducted under Section 80C of the Income Tax Act. Stamp duty is different in every city.
If you are self-employed, doing a business, you need not attach any other document with your ITR (Income Tax Returns). You must file your income tax returns to claim the stamp duty amount subject to a maximum cap of INR 1.5 lakh, as mentioned in Section 80C. If a CA file your returns, you need to provide a receipt of it to them. If you are an employee, you need to provide evidence supporting the payment of stamp duty to your employer. If you have purchased the property jointly with your father, mother, husband, wife, or anybody else, then each owner can avail this benefit individually in their returns. Co-owners can claim this deduction in their respective income tax returns. Every time you buy a house, you can claim this benefit.
The benefit of stamp duty will not get carried forward, which means you have to claim the benefit in the same year when the property was bought.
An individual and an undivided Hindu family can claim this deduction in their income tax returns. You can avail various income tax deductions in the case of an undivided Hindu family as the income tax department considers it as a separate legal entity.
Stamp duty paid to register residential property qualifies for tax deduction even if a loan is taken against the property. Please note that this benefit is on housing property, whether it is for residential or commercial use. However, on commercial property, stamp duty tax benefit cannot be availed. This deduction can be claimed only in the year the actual payment is made. The maximum deduction allowed under this Section is capped at INR 1.50 lakh.
20 сен 2024
