I will be purchasing Home and taking a Home Loan within a month.
I will be paying Stamp duty and registration fees from my bank account.
Can I show Stamp duty and registration fees as part of 80C for both me and my brother as co-applicant (50 - 50 %) ?
If yes, then what proof do I need to have for this in order to show it under 80C ?
Also while filing income tax return, how can I show this purchase ? I am not aware as this is my first purchase.
I will be filing ITR2 this time as I have also invested in some debt mutual funds this year from my salaried income.
Please reply.
1 Answers
Hi,
If you are buying the property and taking the possession in the same financial year, you can claim stamp duty fee u/s 80c.
The proof of paying the fee which is in sale deed is enough.
It it is a jointly held property then tax benefits can be claimed as per share of ownership in the property.
Kindly note that there is no need to disclose the transaction details (purchase) in ITR. (Has your PAN number been recorded in Sale Deed?)
Mutual Funds - only if you redeem you have to pay capital gain taxes (if any).
Read :
http://www.relakhs.com/mutual-funds-taxation-rules-capital-gains-tax-rates-on-mfs-fy-201516/
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