my builder has given me temporary posseion letter for making furniture and fixtures stating that he has not receive occupation certificate from bmc. and he in actual gave us posseion and we stayed in the house.is this possesion letter valid in view of income tax for transfer of property and calculating the holding period of 36 month.
09 October 2007
THE HOLDING PERIOD OF 36 MONTHS IS RECKONED FROM THE DATE OF TRANSFER OF THE PROPERTY IN YOUR NAME. FOR TRANSFER OF ANY PROPERTY THE TITLE SHALL BE VALIDLY TRANSFRRED IN YOUR NAME. THE ONLY VALID PROOF IS REGISTRATION OF THE PROPERTY IN YOUR NAME. THE BUILDER SHOULD REGISTER THE PROPERTY IN YOUR NAME. TEMPORARY POSSESSION LETTER IS NOT A VALID PROOF OF TRANSFER OF A PROPERTY. WITHOUT A VALID OCCUPATION CERTIFICATE ,NO BUILDER CAN GIVE ANY VALID POSSESSION TO ANY BUYER. R.V.RAO
09 October 2007
The transfer of possession without obtaining Occupation Certificate from the proper authority. Builder is not authorised to issue O.C. and it will not be considered for calculating the holding period of 36 months.
CAclubindia
