According to Section 80C of the Income Tax Act, 1961, registration charges and stamp duty are eligible for a tax deduction of up to ₹1,50,000. Furthermore, individuals can avail tax deduction under the following circumstances -
- During the actual payment year of registration fees and stamp duties
- Post property construction, when you are a legal owner.
- Only if you own residential property
- Co-owners can enjoy tax deductions on their returns. However, if a taxpayer possesses complete or partial property, he or she cannot claim deductions.
- In case there is a property transfer within 5 years of purchase, you need to pay taxes in the assessment year during which you transferred the property.
It is evident that a taxpayer can enjoy a number of perks by paying Punjab stamp duty charges. For a successful payment process, you can consider going through the aforementioned pointers.