Section 80 c deduction

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 February 2016 Tax Exemption on Stamp Duty and Registration Charges u/s 80C

Read more at: https://www.caclubindia.com/experts/ask_query.aspi have booked flat in a scheme of lucknow development authority. for that i have registration amount of rs 65000. now i have to paid installment monthly. can i claim dedcution u/s 80c of registration amount of rs 65000.

Ganeshbabu K

Ganeshbabu K (Expert)
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20 February 2016 Yes .The amount you pay as stamp duty when you buy a house, and the amount you pay for the registration of the documents of the house can be claimed as deduction under section 80C in the year of purchase of the house. Section 80C(2)(xviii)(d) of the Income Tax Act, 1961

Querist : Anonymous

Querist : Anonymous (Querist)

20 February 2016 THANK SIR
But here registration amount (65000) is the amount which is required to pay for booking of flat i.e.with application form. its not for the regisrty of house. whether still can we claim deduction of that registration amount (65000)

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Amol S Joglekar

Amol S Joglekar (Expert)
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20 February 2016 Yes.You can very well claim the same u/s 80C

Querist : Anonymous

Querist : Anonymous (Querist)

20 February 2016 here the flat is under construction not completed.

Amol S Joglekar

Amol S Joglekar (Expert)
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20 February 2016 What answer are you expecting? Do you have any other view? Please elaborate your view.

Ganeshbabu K

Ganeshbabu K (Expert)
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20 February 2016 1)stamp duty registration fee paid to govt only exempted.
2)can claim exemption only after completion of house or after taking possession of house

Querist : Anonymous

Querist : Anonymous (Querist)

20 February 2016 sir actually we have booked for flat. for that we paid registration money with application form. flat is under construction. we are not in possession of flat. we still need to pay installment from 1 march 2016. its a flat under scheme of lucknow development authority.
whether can we claim deduction of installment in the f. y. 2015-16

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Amol S Joglekar

Amol S Joglekar (Expert)
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20 February 2016 No, The installments can NOT be claimed as deduction in FY 2015-16.

Ganeshbabu K

Ganeshbabu K (Expert)
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20 February 2016 1)Any amount paid by the individual or HUF by way of part payment or installment of loan to such a development authority for allotment of houses are eligible for deduction.
2)Deduction u/s 80C for repayments towards installments is available only if construction of house is completed or possession taken.So you cannot avail benifit of March 2016 instalement

Querist : Anonymous

Querist : Anonymous (Querist)

01 March 2016 can we claim exemption of installment of march 2016 in the year in which possession of flat taken?

Amol S Joglekar

Amol S Joglekar (Expert)
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02 March 2016 No. IT goes yearwise.

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