deduction under Section 80C for stamp duty and regn charges

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Tushar (Querist)
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25 June 2011 Good Evening Sir, I read your last post relating to 'The deduction under Section 80C for stamp duty and registration charges is available only if the house property in question is possessed by the end of the same financial year'. I understand the same, but unable to find the cause. Whether there is any case law which restricts the time period of possession.
Thank you...

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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25 June 2011 There is no such a stipulation like 'possessed by the end of the financial year' in the section. What the section says is -
1) the amount shoul be paid in the previous year { see the first line in 80C(1)}.
2) the stamp duty....for the purpose of transfer of such house property to the assessee. {see section 80C (2) (xviii)(d)}.
What does the above condition means-
1) the house should be transferred in the name of the assessee.
2) the assessee must pay the stamp duty.
3) both the above acts should have occured with the previous year in which deduction under section 80C (2) (xviii)(d) is claimed.

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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26 June 2011 I am quoting the relevant provision of Section 80C

(d) stamp duty, registration fee and other expenses for the purpose of transfer of such house property to the assessee,but shall not include any payment towards or by way of—

(A) the admission fee, cost of share and initial deposit which a shareholder of a company or a member of a co-operative society has to pay for becoming such shareholder or member; or

(B) the cost of any addition or alteration to, or renovation or repair of, the house property which is carried out after the issue of the completion certificate in respect of the house property by the authority competent to issue such certificate or after the house property or any part thereof has either been occupied by the assessee or any other person on his behalf or been let out; or

(C) any expenditure in respect of which deduction is allowable under the provisions of section 24;

CA. Krishna K Neeraj

CA. Krishna K Neeraj (Expert)
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26 June 2011 agreed with experts

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