Is "Got it" an incorrect term?

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After Contrex has answered my question, and I want to thank him, is it correct to say the following? Is 'Got it' unnecessary or an incorrect expression?

Thanks, Contrex.
Got it.

Many thanks.

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"Got it" is shorthand for "I understand"...

got it?

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My Fair Lady "The Rain in Spain"

Quote:

The rain in Spain stays mainly in the plain!
I think she's got it! I think she's got it!
The rain in Spain stays mainly in the plain!
By George, she's got it! By George, she's got it!

Now, once again where does it rain?
On the plain! On the plain!

And where's that soggy plain?
In Spain! In Spain!

http://www.guntheranderson.com/v/data/theraini.htm

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Region Philbis wrote:

"Got it" is shorthand for "I understand"...

got it?

When I say "Thanks", I feel that "Got it" becomes redundant. Am I correct?

Many thanks.

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No, not at all. "Thanks" expresses gratitude; "got it" expresses understanding.

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Thanks, Setanta.

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(Yoong, i was hoping you'd say "got it"...)

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Ok, Reg.

Got it.

Thanks.

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Grande:

GIGIG

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Sweeney Todd "A Little Priest"

Quote:

MRS. LOVETT
Seems an awful waste...
I mean, with the price of meat
What it is,
When you get it,
If you get it...

TODD
<Sweeney gasps in understanding>
Hah!

MRS. LOVETT
Good, you got it!

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Is "Got it" an incorrect term?

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