Deduction u/s 80C for Booking Amount (Residence)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 June 2011 Hello Experts -

I've booked a Flat in Pune in Oct-10 by paying Rs. 90,000/- subsequently paid Rs. 1,00,000/- in December at time of Registration to Builder. (Not for Stamp Duty)

I've not taken any home-loan sofar as my flat is located in the 2nd phase and the work will begin only by July-11- So now while filing the return for 2010-11 can I claim Rs. 1,00,000/- u/s 80C (Payment of Principal Amount)

Pl.Clarify-

Thanks

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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27 June 2011 no way u can cliam ded under section 80c only for repayment of instalment of loan taken from specified ;LENDERS

CA MANOJ GUPTA
JODHPUR
09828510543
gm2104@gmail.com

Querist : Anonymous

Querist : Anonymous (Querist)

28 June 2011 Dear Manoj Ji,

Thanks for your expert comment-

In Registration Papers Total Value of the Property is mentioned Rs.19 LACS including Stamp Duty & Registration Charges.

Can I claim the 1 LAC paid in December towards the Stamp Duty, Registration Expenses as it was actually asked by the Builder for that purpose but not mentioned the same on the Receipt.

Pl.clarify

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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28 June 2011 What type of registration papers you have received so far?

Whether Stamp Papers are used for registering the document in question? Have you got the document?

Have any registration fee is paid on behalf of you out of the sum paid ?

And, the most important question is whether by incurring the above expenditure has the property transferred in your name is the house property ? or is it just a right to purchase the future property?

If you test on the basis of above points
you can yourself decide, whether the deduction is available or not.

For more clarity - I am reproducing the relevant clause-

Section 80C(xviii)(d): stamp duty, registration fee and other expenses for the purpose of transfer of such house property to the assessee.