08 May 2009
In the income tax act it is said that if the House for which loan is availed and is used for claiming Income Tax rebate/deduction, if sold within 3 years the Income tax benefit availed will have to be returned. For this period of 3 yrs. what is the date considered? Is it date of registration at Corporation? Is it date of possession? Is it date of final disbursement of Home loan.?
08 May 2009
In the income tax act it is said that if the House for which loan is availed and is used for claiming Income Tax rebate/deduction, if sold within 3 years the Income tax benefit availed will have to be returned. For this period of 3 yrs. what is the date considered? Is it date of registration at Corporation?which usually happens 1 - 1.5 yrs. prior to posession Is it date of possession? which happens after 1-1.5 yrs. of registration Is it date of final disbursement of Home loan.? happens between registrationand actual possesion but near the date of possession. Please give me one date which will be the start point for counting 3 yrs. period.
CAclubindia
