Date considered for Income tax rebate for Home loan
This query is : Resolved
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.?
Is it date of registration at Corporation?
Is it date of possession?
Is it date of final disbursement of Home loan.?
08 May 2009
The date on which it was registered and come in to possession of the assesse.
Registration and possession both are important.
Registration and possession both are important.
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.
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.
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