Home loan possession date

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madhu

software engineer

24 Points Posted on 08 December 2009

Hi, I have taken a Home loan in Aug 2009( for resale & purchase) , from that time LHFL started taking the premium which has the both interest and pricipal, and I have taken a loan as under contruction(resale & purchase in construction phase) .

Recently in the November, I have shifted to the Flat, i.e my date of possession is 1 Nov,

How the actual date of possession is considered, is it the date, I shifted to the Flat or the date from when LHFL started premium(including pricipal ).

Is it possible to cliam a tax excemption on HRA till Oct?

First of all from where can I get document which shows the date of possession, is it from bank or from the person whom I have purchased?

Thank you in Advance

Madhu

Replies (2)

Arun Kumar

Deputy Manager Assurance

230 Points Posted on 08 December 2009

For the Purpose of Obtaining the Final Sum of Home Loan you would have lodged a Completion certificate with the LIC Housing Loan. that will stand as a valid proof for the purpose of Claiming Interest & Principal on Loan. HRA can be claimed till Oct 31st.

Satish

CA Final Student

479 Points Posted on 08 December 2009

Dear Madhu,

If you have purchased a flat during the construction phase, the builder will provide you the possession letter. If you have purschased a resale flat, the agreement date on index II is valid evidence of possession. The house should be ready for intended use to claim the deduction under section 24. The deduction is allowed for the whole financial year in which the flat is ready for use. You can avail the benefit of HRA as well till the date you have actually occupied the rented house. Hence both the deductions can be claimed in the same financial year.