Exemption on House Property Registration

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This query is : Resolved

Rakesh Singh (Querist)

05 March 2008 I registered a flat in Feb 2006 and did not take any benifit of the amount paid towards registration in income tax. I am getting the possession of the flat in April 2008. Can I claim any benifit in year 2008-09 for the amount I paid for house registration in Feb 2006? If yes, what kind of exemption allowed and is there any limit on that?

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)

05 March 2008 THERE IS NO BENEFIT FOR AMOUNT PAID AS REGISTRATION CHARGES IN INCOME TAX IN YEAR 2008-09 THE AMOUNT PAID FOR REGISTRATION CHARGES WILL FORM PART OF COST OF ACQUISITION AND WILL BE CONSIDERED AT TIME OF SALE.THERE IS ONE WAY THAT YOU CAN FILE REVISE RETURN

R.V.RAO

R.V.RAO (Expert)

05 March 2008 YOU ARE ENTITLED UNDER SEC 80 C TO CLAIM

1. UPTO RS. 1 LAKH ( COMBINED WITH OTHER ELIGIBLE DEDUCTIONS UNDE SEC 80 C)

2.OR ACTUAL EXP.
(AGAIN COMBINED WITH OTHER ELIGIBLE DEDUCTIONS -
LOWER OF THE ABOVE TWO)

TOWARDS STAMP DUTY, REGSITRATION EXP. ETC... FOR TRANSFER OF THE PROPERTY IN YOUR NAME .
BUT 80 C DEDUCTIONS ARE ALLOWED IN RESPECT OF PAYMENTS, INVESTMENTS,ETC...MADE DURING THE PREVIOUS YEAR.
THIS AMOUNT OF REGISTRATION EXP. PERTAINS TO FIN YEAR 2005-06.
SO YOU MAY FILE REVISED RETURN BEFORE MARCH 08 AND CLAIM THE DEDUCTION IF YOU DID NOT CROSS RS. ONE LAKH LIMIT UNDER SEC 80 C.
R.V.RAO