Possesion of house received but emi not started
This query is : Resolved
21 March 2013
Hi all,
Please advise in following case, a person can start claiming interest on housing loan:
A person has bought a house from a constructor and taken a loan from bank. Last disbursement is pending due to some reasons. However, the constructor has given the possession to the person as he knows him personally. As last disbursement is not made bank is charging interest as pre-emi.
Thx in advance.
Ramesh
Please advise in following case, a person can start claiming interest on housing loan:
A person has bought a house from a constructor and taken a loan from bank. Last disbursement is pending due to some reasons. However, the constructor has given the possession to the person as he knows him personally. As last disbursement is not made bank is charging interest as pre-emi.
Thx in advance.
Ramesh
21 March 2013
Your Question is not Clear to me.
Can You Pls Elaborate.
Well, I let you know that if possession is not received then,
no Principle payment is deducted u/s 80C.
no interest is allowed.
but its allowed as pre-construction period as 1/5th.
Can You Pls Elaborate.
Well, I let you know that if possession is not received then,
no Principle payment is deducted u/s 80C.
no interest is allowed.
but its allowed as pre-construction period as 1/5th.
21 March 2013
Sir,
Thanks for your prompt response. Normally, the builder gives possession after receiving full payment from the purchaser. In this case final disbursement of loan from bank is not paid to the builder even though the construction is completed. However, as builder is knowing the purchaser (his relative only), he has given possession to the purchaser. So the question is whether the purchaser can claim benefit of interest.
Rgds,
Ramesh
Thanks for your prompt response. Normally, the builder gives possession after receiving full payment from the purchaser. In this case final disbursement of loan from bank is not paid to the builder even though the construction is completed. However, as builder is knowing the purchaser (his relative only), he has given possession to the purchaser. So the question is whether the purchaser can claim benefit of interest.
Rgds,
Ramesh
21 March 2013
yes, he can claim.
possession is must.
but he should paid interest .
possession is must.
but he should paid interest .
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16 April 2013
Boss,
Just to confirm that 80C is not connected with possession. I mean if a person has booked a house and paid stamp duty/ registration fees in FY12-13 but possession is given to him in FY 13-14, he can claim stampduty/registration fees in FY 2012-13.
Rgds,
Ramesh
Just to confirm that 80C is not connected with possession. I mean if a person has booked a house and paid stamp duty/ registration fees in FY12-13 but possession is given to him in FY 13-14, he can claim stampduty/registration fees in FY 2012-13.
Rgds,
Ramesh
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