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Ask Mint | Pay stamp duty, get tax deduction

Ask Mint | Pay stamp duty, get tax deduction
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First Published: Wed, May 19 2010. 09 52 PM IST
Updated: Wed, May 19 2010. 09 52 PM IST
I recently bought a house on loan. I am paying a stamp duty of Rs3 lakh to register the house. Can I get tax benefit on the stamp duty I pay, apart from the benefit of Rs1 lakh I will get on principal repayment?
—Santosh De
Registration fee and stamp duty of a house is eligible for deduction under section 80C up to an overall limit of Rs1 lakh, provided you are eligible to claim deduction under this section. You can get tax benefit on the stamp duty together with other deductions, such as repayment of housing loan, but the overall limit remains Rs1 lakh.
Can I get income-tax deduction on a unit-linked insurance policy (Ulip) bought by taking a loan on my existing endowment policies?
—Ritvik
Yes, you can get a tax deduction under section 80C in respect of a Ulip purchased by taking a loan on your present endowment policies. Currently, there is no stipulation that the payment/investment in the mode specified under section 80C have to be on the income chargeable to tax.
Will I get a tax break on a personal loan taken for my wedding?
—Sumati Rai
There is no tax deduction of any kind for repayment of personal loan for a wedding.
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First Published: Wed, May 19 2010. 09 52 PM IST