Doubt within IT ( Registration and stamp duty)?
can i claim tax nouns for the amount that i pay as registration duty and stamp duty for registering a house/property that i bought using a housing loan amount ? or i can claim only the amount that i discharge as interest on housing loan and amount paid towards the principal ?I enjoy only income from remuneration and dont have any income from house propoerty. The house that i purchased is for my own use. Can i claim nouns u/s 80C in this casing ?
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Answers: My old answer for your outdated question is underneath the head "OLD ANSWER". In tally to that I have again clarified your spanking new clarifications under the team leader "NEW CLARIFICATIONS" at the bottom of the answer.
OLD ANSWER:
The registration Stamp Duty can be claimed as deduction u/s 80c for the house you own purchased. (Maximum deduction allowed lower than this section is Rs.1 lakh including other deduction in this wedge 80c). It should be claimed as deduction contained by the same financial year of registration.
You can also claim the interest on the loans taken for the purchase of house up to 1.5 lakhs per financial year. This claim comes lower than the head "Income from House property"
The principal amount repaid to the housing loan provider (Bank or Housing loan institution singular and not paid to private parties) can be claimed u/s 80C.
Both the registration charges & repayment of loan amount falls u/s 80C. The total of adjectives the investments comes under this sectiion can be any amount but for the purpose of Income due exemption, it is only allowed up to 1 lakh per financial year.
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NEW CLARIFICATIONS
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Q-1. can i claim excise relief for the amount that i pay packet as registration fee and stamp duty for registering a house/property that i bought using a housing loan amount ?
Ans: Yes. Refer my above aged answer.
Q-2. or i can claim only the amount that i clear as interest on housing loan and amount paid towards the principal ?
Ans. You can claim interest and also principal amount repayment. Bothe are diffarent and both are allowed as deduction. Actually your EMI contains both interest and principal. After the Financial year end your home loan provider will issue a card stating how much you have salaried towards interest and how much you have remunerated towards principal amount.
Q-3. I have individual income from salary and dont hold any income from house propoerty. The house that i purchased is for my own use. Can i claim relief u/s 80C surrounded by this case ?
Ans: You may be have only earnings income. Still you can claim interest paid and principal repayments as deduction which will reduce your pay income for payment of duty.
If you are going to stay in the house after it is called "self occupied". Still you can claim both interest and principle repayments (80C). See the below example:
4,00,000 is your take-home pay
0,00,000 is the income from self occupied house
1,50,000 H.Loan Int. 1.75 L. ( But Max. restricted to 1.5 lakhs only*)
1,00,000 (80C:) Principal repayment 40,000, Reg. fee 80,000*
Your income:
4,00,000 plus 0,00,000, Less 1,50,000, Less 1,00,000=1.5L
If you are Male, consequently you have to settle tax on (1.5 - 1.10)Rs.40,000, if you are a Female afterwards you have to wages taxby the side of (1.5-1.45) 5,000.
*Housing loan Max. deduction restricted to 1.5 lakhs
* Maximum conjecture u/s 80C is restricted to 1 lakh.
My brother (Indian citizen base contained by India) requirements to sustain recompense for the down donation of our first home purchase.?
We are based within Los Angeles (permanent US residents). What would be the tax implication (if any)? The approximate amount of gift would be around $300K. Thanks,Answers: What a nice brother!!
No charge implications for you or for him.
If you are a US citizen or resident, afterwards you will need to report form 3520.
PF deducted by employer is included in deduction of Rs.1 lac u/s 80C or is it seperate from Rs.1 L investment?
Answers: PF deducted by employer for employee contribution is included u/s 80C which has a value of Rs.1,00,000
The PF is included in 1 lakh deduction u/s 80C. Again no separate deduction for PF.
What falls in sec.80C is given in this web site.
http://www.rediff.com/getahead/2005/dec/...