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Stamp Duty U/s.80C

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Querist : Anonymous

Querist : Anonymous (Querist)

02 March 2011 Dear Sir,

One of our employee has taken plot for construction of bunglow. He has paid stamp duty & transfer exps. for the same in F.Y.2010-11. But the construction is under process & he will get the completion certificate in Apr/May-11 i.e. F.Y.2011-12. My question is that- Can he claim the deduction u/s.80C in F.Y.10-11. If not then what is the provision of I.T.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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02 March 2011 Deduction will be lost in financial year 2010-11 since the construction is not complete. This observation is as a corollary to the words used in section 80C(2)(xviii) viz., 'the income of which is chargeable to tax under the head income from house property or which would ,if it had not been used for the assessee's own residence, have been chargeable to tax under that head'.

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