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Ask Mint | Stamp duty applies on gifted property

Ask Mint | Stamp duty applies on gifted property
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First Published: Wed, Mar 03 2010. 09 04 PM IST

Harsh Roongta, CEO, ApnaPaisa.com
Harsh Roongta, CEO, ApnaPaisa.com
Updated: Wed, Mar 03 2010. 09 04 PM IST
I give away most of my income in charity. What will be considered my taxable income?
—Sunaina Chowdhury
Giving away of income in charity is application of income. You will have to pay income tax on your entire income. However, you may claim deduction under section 80G for charity contributions made by you, provided you satisfy certain conditions.
Harsh Roongta, CEO, ApnaPaisa.com
Will I escape stamp duty if I transfer my property to my brother as a gift?
—Sudhir
There is no exemption of stamp duty in respect of gifts from relatives. So, a person will have to pay the stamp duty at the applicable rates while registering the property in his name. In most states, gifts to close relatives attract a lower rate of stamp duty.
Will I get tax benefits on the repayments for an education loan?
—Garima Kapoor
You can get tax benefits on the interest payment. The education should have been taken by you (you should be a borrower or a co-borrower in the loan) from a defined lender (specified banks and charitable institutions) for the purpose of higher education of self, spouse or your children. Higher education means any course of study pursued post-senior secondary certificate. No deduction is available for repayment of the principal portion of an education loan.
I plan to buy a flat jointly with my spouse. Will both of us separately get 100% tax exemption?
—Harpreet Bajwa
Both of you can get tax benefits in respect of repayment of loan as well as for the interest on the home loan in the ratio of your share in the loan. If the property is self-occupied, the maximum limit of Rs1.5 lakh for interest payable on such a loan will apply separately to each one of you. Full deduction will be allowed for your share of the interest payable if the property is let out. Both of you will get tax benefit on the capital portion of up to Rs1 lakh.
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First Published: Wed, Mar 03 2010. 09 04 PM IST