Tax Deduction for Stamp Duty paid on purchase of Property

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  1. Prasadhomeloanee

    Prasadhomeloanee New Member

    Hi CAs,

    Next month i will be paying the first EMI for my home loan. I just wanted to get clarity for the below -

    1) That apart from the interest, principal and the stamp duty registration charges are there any deductions which i can claim for? (like the bank processing fees and advocate fees).

    2) Also, is the stamp duty registration charges covered under 80c, hence capping it to 1.5 lac only (including principal, other investements and HRA)

    3) Lastly, my wife is the co-applicant, so how and where do i specify the share percentage in the interest, principal and the stamp duty registration charges.

    I would love to receive any literature which could help me use the home loan to the fullest for tax rebate.

    Thank You.
  2. Aditi Gulati

    Aditi Gulati Active Member

    1. Stamp Duty paid on Registration of Property is allowed as a deduction under Section 80C
    2. Stamp Duty Charges paid can also be added to the Cost of Acquisition.
    3. At the time of Registration of Property - the share of the co-owners is mentioned. In case it is not mentioned - it would be assumed that both the co-owners have equal stake.
  3. Prasadhomeloanee

    Prasadhomeloanee New Member

    Thanks Aditi.

    1. processing fees and legal charges cannot be added to cost of acquisition?

    3. yes the stake was not specified. the concern is while claiming the IT rebate i want to use more share for i am paying more taxes than her. for eg. if want to do 70/30 share. how can i go about it
  4. Aditi Gulati

    Aditi Gulati Active Member

    The processing charges and legal charges can also be added to the cost of acquisition as these are costs directly related to purchase of the asset
  5. Prasadhomeloanee

    Prasadhomeloanee New Member

    can you shed some light for the share in the rebate for co-applicants as well.

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