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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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.
|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.