You can claim a tax deduction on stamp duty and registration charges, including other fees directly related to the transfer. The maximum amount of deduction is ₹1,50,000 according to Section 80C of the Income Tax Act 1961.
Both individuals and HUFs can claim this deduction on-
- Their income tax return.
- The year in which they made the actual payment for these expenses.
West Bengal stamp duty is a mandatory duty that can be paid completely. It is not legally rightful to pay less stamp duty during a property registration procedure. Undervaluing property for and estimating a low market value to escape stamp duty is a punishable offence.
You may have to bear a massive penalty along with imprisonment for a certain period. And you may lose your reputation if you are a real estate or commercial property holder. Therefore, ensure to register your property with proper registration fees and stamp duty in West Bengal.