stamp duty & registraction fee

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Amit (Querist)
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02 January 2011 Sir,

I have booked a flat in the month May 2009,
The agreement was done in July 2009
Possession will be in the mid 2011 (June 2011) or latter in 3-4 months

when the exumption in income tax is allowed ? is it in the year I made the agreement and paid stamp duty and registration fee or in the year of possession.
I paid the stamp duty and registraction in the year 2009-2010 and possession of the house is in 2011-2012

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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03 January 2011 Deducation is allowed in the yera 2009-10

Amit

Amit (Querist)
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11 January 2011
Thanks for the reply

Also there is one more thing
In the earlier discussed case I have availed loan from Nationalised bank.
1) The payment to contractor is on the basis of slab. (i.e. - 15% at the time of agreeement for each slab (1 to 6 slab) 10% - 10% at the time of brick work - 5% at the time of possession.

The payment till date is upto 6th slab (15+10+10+10+10+10+10=85%)

Loan amount started from 4th slab (September 2010) till then I contributed.

The EMI started immediately the month in which the disbursement of loan started.

Possession as discussed is in mid 2011 (June 2011)

whether interest and principal paid during this year 2010-2011 is allowed as exumption in income tax in this year 2010-2011

The problem is because possession is not in this year (2010-2011)

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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22 December 2021 Stamp duty & registration charges can be claimed u/s. 80C in the year of booking i.e. 2009-10, while interest paid during construction period is deductible in 5 equal installments from the year of getting possession of the property, i.e. 2011-12.

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