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 .
Message likes :
1 times
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Supply through E-commerce Operators
- TAN for Partnership
- Sales return eway bill
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- E way bill for tractors
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Loan by Partnership Firm
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
