I have bought a home in May-2010 & the registration fees & stamp duty was paid in same month. The Possession will be in April-2011. As per Income Tax Act you can get the deduction of registration fees & stamp duty in the same year u/s 80C. But I heard that there is a amendment that Possession should be also in the same year to claim the deduction for registration fees & stamp duty. Is this correct? If yes can you pls guide me to proper circular/notification which states this?
I was also under the same impression but my employer (Infosys) says that there is amendment in the Act in late 2009 and as per the amendment possession is required to claim the deduction of stamp duty & registration fees.
CAclubindia
