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Looking for tax benefits on your property? Did you know that stamp duty is tax-deductible under Section 80C of the Income Tax Act, 1961? Stamp duty can go as high as 8% on your property value. Hence, a stamp duty rebate in income tax can be a huge sigh of relief. The exemption from stamp duty can be availed if it is paid in the same financial year.<\/p>\n\n\n\n
Stamp duty is paid for the registration of residential\nproperties. This tax is imposed on the transfer of ownership in real estate. The\nexemption can be availed by the assessee up to a limit of Rs. 1.50 lakhs.\nHowever, you cannot avail an income tax exemption on stamp duty on land purchase.<\/p>\n\n\n\n
To be eligible for a stamp duty rebate, the assessee must be an\nindividual owner, a co-owner or a member of a Hindu Undivided Family that has\npurchased a residential property. In case of joint ownership, the tax rebate\ncan be availed by the co-owners up to Rs. 1.5 lakhs each.<\/p>\n\n\n\n
The stamp duty and registration charges have to be paid by the assessee. No stamp duty rebate in income tax will be provided if the stamp papers are on another person\u2019s name. You can calculate stamp duty using our stamp duty calculator<\/a>.<\/p>\n\n\n\n Additional\nRead:<\/strong> <\/strong>What is a Stamp Duty? How to Calculate Stamp Duty Online?<\/a><\/p>\n\n\n\n The\nassessee must be in legal possession of the property for which the tax rebate\nis claimed. <\/p>\n\n\n\n Noincome tax rebate\ncan be claimed on properties which have been already occupied by the assessee,\nwholly or partially. It is vital that the property is new and had not been used\npreviously by the beneficiary. The tax deductions can be claimed for a new\nresidential house property and not for a resale property.<\/p>\n\n\n\n The tax benefit can be availed only on residential properties\nand not on commercial properties. Additionally, the income tax exemption is not\napplicable. The benefit is only for housing properties.<\/p>\n\n\n\n Make sure that the claimedincome tax deductionsare for\nthe expense paid in the same fiscal year. For example, if you pay Rs. 3 lakhs\nas stamp duty in August 2019, you have to claim for deduction in the IT Return\nfiling of 2019-20. In this case, you will get an exemption of Rs. 1.5 lakhs.<\/p>\n\n\n\n Looking for more tax deductions? Claim deductions for more\nexpenses incurred on your property. Furthermore, under Section 80EEA, you can\nget income tax benefits on interest payments of home loans up to a deductible\nlimit of Rs. 1.5 lakhs. <\/p>\n\n\n\n Additional Read:<\/strong> Everything You Need to Know About Home Loan Tax Benefit<\/a><\/p>\n\n\n\n If you are looking for an affordable home loan<\/a>, Tata Capital is the destination for you. We provide easy loans with flexible repayment options. Our customer support is dedicated to ensuring 100% customer satisfaction. <\/p>\n\n\n\n Feel free to use our online home loan EMI calculator<\/a> to check your loan eligibility. At Tata Capital, you get the most competitive home loan interest rates<\/a>. So get in touch for a hassle-free home loan today! <\/p>\n\n\n\nPossession<\/strong><\/h2>\n\n\n\n
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