Can the stamp duty and registration charges on the housing property claimed under income tax?
When you make an agreement with the
builder to buy the property you are supposed to pay the stamp duty to the
government. Stamp duty on the property is fixed depending upon the value of the
property as mentioned in the agreement.Stamp duty charges are fixed by the
state government of the respective state depending upon the market value of the
area and are published by the government area wise. Each year stamp duty
charges are revised depending on the area developments.
Registration and stamp duty charges
are also important aspects while buying a housing property. All the registration
charges, stamp duty and other expenses can be claimed under Section 80C
under income tax regulations.
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| Godrej Aqua | Stamp Duty |
Know more about Stamp Duty Rates
To avoid evasion of stamp duty
through undervaluation of agreement sand to minimize the disputes on the quantum
of stamp duty, all state governments publish an area-wise stamp duty ready
reckoned every year. According to the stamp duty rules:
- If the value of the property is lesser than the stamp duty rate fixed by the government, then, the buyer will have to pay the stamp duty on the basis of the value computed from the rates as per the stamp duty rules made by the government.
- If the agreement value is higher than the stamp valuation, the stamp duty payable will be calculated with reference to the agreement value made while buying the property. The stamp duty valuation also has implications on the income tax of buyers and sellers.
- As per Section 50C of the Income Tax Act, in case the property agreement value is lower than the stamp duty valuation, the law believes that the seller has received an amount equal to the stamp duty valuation and the capital gains are computed accordingly. However, if the difference between the agreement value and stamp duty valuation does not exceed 5% of the agreement value, this law will not be applied.
- If the property is purchased by joint owners the co-owners can claim these expenses during income tax filing and can get 1,50,000 return under section 80C.
- If you are planning to buy the property in Bangalore, Buy Godrej aqua property and enjoy the concession on the stamp duty under income tax act.
Godrej Aqua the residential landmark of Bangalore
Godrej Aqua is a new residential
project that features 1 BHK, 2 BHK, 3 BHK and 4 BHK abodes in the fast
developing areas of Hosahalli, Billamaranahalli. Godrej aqua is an RCC framed structure with
100% Vaastu compliant units along with world-class amenities.
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| Godrej Aqua Bangalore |
Godrej Aqua incorporates state-of-art Clubhouse with best facilities to invest your significant energy with family.
The Clubhouse gives a chance to know your neighbours and friends. children pool
and kids play area is planned with advanced security for your children to play
without you stressing. A Multi-purpose Hall is joined in the premises for all
your gathering needs. Badminton court, basketball court, Skating Rink and
tennis court are available for the maximum efficient play time of the
inhabitants.
