Rajeev Nair (Finance Professional) (510 Points)
27 June 2011
Hello Friends -
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
Keshav
(chartered accountant)
(286 Points)
Replied 27 June 2011
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 27 June 2011
no you cannot claim deduction u/s 80c because you didnt pay Rs 100000 for stamp duty..if Rs 100000 was stamp duty then you will get deduction U/S 80C...
Rajeev Nair
(Finance Professional)
(510 Points)
Replied 27 June 2011
Hello Siddharth,
Thanks for the comments, but the amount of Rs.1,90,000/- paid (for which I possess Receipts and Registration paper) is my contribution towards Principal Amount for the purchase of residence.
Hence don't you think it should be exempted u/s 80C ( 1 LAC )
CAclubindia
