I have bought a flat for which the registration of the under-construction building(flat) was done in January 2016. I have taken SBI loan and the builder got the first cheque in January 2016.
Three years past. The building is not completed yet and possession in my flat was not done.
As per tax rule the possession or handing over of the flat must happen within 3 years to claim tax benefit on the SBI loan
Is there any clause to claim tax benefit?
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Replies (4)
The 3 years period has been extended to 5 years.
Completion of construction is required only in case of claiming exemption from capital gain on sale of old property proceeds out of which is used to buy the new property.
For claiming the deduction of repayment of housing loan, no requirement for completion of construction within any stipulated time. But you need to hold the property for clear complete 5 FYs.
so how can I claim tax benefit under which section
you need to take a repayment certificate from SBI and claim deduction 80C up to 150000.
you can start claiming pre construction interest from the year construction is complete for the period interest paid up to preceding fy in 5 equal installment in addition to interest paid post construction period.
you can start claiming pre construction interest from the year construction is complete for the period interest paid up to preceding fy in 5 equal installment in addition to interest paid post construction period.
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