Exemptions available under Sec. 80C for Stamp Duty Paid

Exemptions available under Sec. 80C for Stamp Duty Paid. this article is about the exemption available to the stamp duty paid for the house purchased for any purpose may be for the investment related or any but with some restrictions applied to it which I have simplified so that you can understand better. Find Complete details regarding Exemptions available under Sec. 80C for Stamp Duty Paid from below –

Exemptions available under Sec. 80C for Stamp Duty Paid

Exemption available under Sec. 80C :- 

Stamp duty paid for the purchase of the house which may be for the purpose of investment or otherwise. Stamp duty may be as high as 8% and the other registration charges would be around 1% which totals to around 10% can be available as the deduction to the assesse subject to some of the conditions. This stamp duty exemption is available under section 80C so the total deduction would be limited to Rs. 150000, which is the current deduction available, which may change from time to time. Now I am discussing the conditions or the criteria required to get the exemption under this scheme.

Must Read – Deduction for Rent Paid u/s 80GG

1. The first and the foremost criteria to satisfy is that this exemption is available only to the individual and HUF. The other person such as company, partnership firm, association of person, etc is not available to take the benefit of the same.

2. The another important thing to note is that the house purchased should be the new house and the should not be resold house.

3. The stamp duty paid for the residential house is only covered and the stamp duty paid for the commercial property is not eligible to claim the benefit for the same.

4. The exemption can by the joint owners of the house if the payment has been made by them in personal names only.

5. The Deduction would be available to the assesse in the actual year of payment only and would not be available in the successive years. This means that if there is not much income in this year and if you pay some stamp duty which exceeds the income amount than it would be upto the amount of income only. It cannot be carried forward the next year.

6. The possession of the house is must for claiming the benefit. The house which is purchased which is under construction and if the stamp duty is paid than that would not be allowed.

7. The house should be purchased in the name of assesse claiming the benefit and not to the other person. If the expense is paid by other person than that expense would not be allowed as deduction.

Recommend Read – 

• Deduction in Respect of Various Loans
• Chapter VIA – All Deductions at a Glance
• Income from House Property – Taxation and Deductions
• Deduction for School Fees Paid u/s 80c

Disclaimer :-

This notes has been Hand Written by the author. Any Information or any suggestion given in the notes are only from personal opinion and do not create any liability on the part of author. The author has exclusive rights over the documents. If any one found copying it will be liable for Legal Action.