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Deduction u/s 80C for Booking Amount (Residence)

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

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3 Replies

Keshav (chartered accountant) (286 Points)
Replied 27 June 2011

According to me u can claim deduction u/s 80c.....though wait for other replies or u may ask in expert section.

@*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 )