How much IT exemption for the stamp duty and registration charges paid jointly to me and my spouse for a flat.?



How much IT exemption for the stamp duty and registration charges paid jointly to me and my spouse for a flat.? (Indian Income Tax Rule)
Me and my wife have jointly purchased a flat by paying total rs 235,000 towards stamp duty and registration fees for the flat. Can me and my wife are eligible for IT exemption of Rs 1 lac each for the same.

How much IT exemption for the stamp duty and registration charges paid jointly to me and my spouse for a flat.?
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3 Replies to “How much IT exemption for the stamp duty and registration charges paid jointly to me and my spouse for a flat.?”

  1. As per Indian Income Tax Rules, the stamp duty and registration charges would form part of the cost of flat and would be allowed as a deduction only at the time of sale in future(i.e. if you ever sale). Otherwise there is no deduction. However if you have purchased the flat on loan, both of you can claim deduction of the principal repayments over the period of loan subject to certain conditions.


  2. Under section 80(C) of Income Tax Act, 1961, stamp duty and registration charges paid for registering a property in the name of the tax payer will also be deductible from taxable income of the assessees. AS the flat has been purchased in joint names of husband and wife, each can claim the deduction of Rs. 1 lac but please remember this Rs. 1 lac is the total sum available as deduction in a financial year.






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