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Is Claiming Stamp Duty Deduction on Your Property Possible? Know Here!
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You might know that home loans can help you buy the house you always dreamt about. You might also know that you can claim tax benefits on home loan repayment. However, are you aware that this tax benefit can include deduction for stamp duty too? Stamp duty and registration charges are a significant component of the overall cost of the house you purchase. Knowing if you can claim its deduction under Income Tax Act can help you reduce your taxability and save money. Read on to know more.
What Is Stamp Duty, And Who Needs To Pay It?
Stamp duty is an indirect tax that you need to pay when you sell or purchase a property. Stamp duty is levied by the state government and so, its rate differs from state to state. It is charged on the transaction value or circle rate, whichever is higher. Also, there are different stamp duty rates for males and females in some Indian states.
Can You Claim Deductions On Stamp Duty?
Yes, you can claim a tax deduction on stamp duty and registration charges paid for the property transfer. You can claim this deduction under section 80C of the Income Tax Act 1961, up to a maximum amount of Rs 1.5 lakhs. If there are co-owners in the property, all of them can claim this deduction on stamp duty payment.
What Are The Conditions For Stamp Duty Deduction?
Though you can claim stamp duty deduction, there are certain conditions you must fulfill:
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Bottom-line
Stamp duty is a mandatory payment that forms a significant part of your overall cost. However, being aware of the stamp duty deduction can help you plan your tax efficiently and save money. So, before you apply for home loan, ensure that you know of all such home loan tax benefits available for you.
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