80 c deduction for stamp duty

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 March 2013 I have paid stamp duty in Feb-13 for a flat which is under construction.I will get the pussation in June 13. Can I claim deduction for stamp duty under 80c for fy year 12-13 (AY 13-14). Which return form should I use if my income during that fy year was only from Interest on Fixed deposits in bank.

CA Mahavir Shah

CA Mahavir Shah (Expert)
Follow

13 March 2013 Yes, you can claim deduction u/s 80C in AY 2013-14.
You need to file ITR-1.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
Follow

13 March 2013 Yes, you can claim deduction u/s 80C in A.Y 2013-14, because of 80C deductions available on the basis of payment i.e on which year you actually make the payment in such year you shall claim for that year.

Yes, for your income ITR-1 is sufficient.

OM SAI SRI SAI JAI JAI SAI

Upgrade to CAclubindia Pro. Subscribe Now!

Santosh Mishra

Santosh Mishra (Expert)
Follow

13 March 2013
Hi

I think it is available only in the year of transfer or possession of the property.

As per Sec 80C:

Any sums paid by an assessee for the purpose of purchase or construction of a residential house property, the income from which is chargeable to tax under the head "Income from house property" (or which would, if it has not been used for assessee's own residence, have been chargeable to tax under that head).

A property which is under construction is not chargeable under the head Income from house property.