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Discussion on financial matters, loans, tax, and insurance related to property/apartments/flats/plots in Faridabad, Greater Faridabad, NCR.

Income tax claim loss for delayed possession of apartment

Postby ZAFAUDDI001 » Wed Aug 08, 2012 11:52 am

Since the possession of the flats have not been handed over in 3 years in RPS savana, those who booked flat in 2006 and taken home loan at that time will loose Income tax claim, on prepaid interest and principal also. Can anyone highlight in terms on INCOME TAX ACT??
thanks
ZAFAR
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Re: Income tax claim loss

Postby Rajesh » Wed Aug 08, 2012 4:03 pm

You r absolutely correct in the matter Mr.Zafar........... one will lose all the money which he could save through income tax excemption on principal and interest amount, due to this unending delay by RPS. i m suffering with the same. we cannot get the income tax benefit until we get the possession. And i dont see any other way except bearing all the losses.
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Re: Income tax claim loss

Postby hellong » Thu Aug 09, 2012 8:53 am

Yes you are right in this case !

You can only get rebate in Tax once you have possession of your home.

I believe there is a provision that you can save tax on 1.5 lakhs/year. So basically you are loosing money based on your salary. But the condition is that your interest to bank should be minimum 1.5 lakhs/year which I believe most of us are paying. So....

If your tax slab comes under 10% : You are loosing 15000 per year
If your tax slab comes under 20% : You are loosing 30000 per year
If your tax slab comes under 30% : You are loosing 45000 per year

Ans if your interest to bank is less than 1.5 lakhs, then the difference can be adjusted in coming years once you get the possesion in equal amonut. For this, please refer actual details.

This is what I understand, Please correct if I am wrong.

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Nitin.
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