Sunday, January 22, 2012

Re: [CROMA] Income tax rebate on INTEREST part

 

Hi Saurabh,
 
You can take the provisional certificate pertaining to current financial year (Apr '11 – Mar '12) with breakup of interest and principle from the Housing Finance Company / Bank,
and avail for tax rebate under Section 24B (Home Loan).
 
But it also has a dependency on the "date of possession".
In our company, there was a restriction:
 
Possession Letter from Builder required, if possession is after proof cut-off date >>> If property is not occupied within 3 years of loan sanction date, benefit is restricted to Rs.30000/-
>>> Interest benefit cannot be claimed, unless the property is in possession on or before 31-Mar-2012.
 
You can also confirm from your company HR/finance.
 
Regards
Vikram


--- On Mon, 23/1/12, saurabh <saurabh_verma81@yahoo.co.in> wrote:

From: saurabh <saurabh_verma81@yahoo.co.in>
Subject: [CROMA] Income tax rebate on INTEREST part
To: CrossingsRepublikOwnersAndMembersAssociation-CROMA@yahoogroups.co.in
Date: Monday, 23 January, 2012, 9:36

 
Hi,
I am going for registry of my house on 15 Feb 2012 and will be getting my registry document by 20 Feb 2012. I will really appreciate if anyone can answer my following queries:

1) Can I get the tax rebate on INTEREST part of Home lone as I will be doing the registry before 30 March 2012? I will be getting the possession letter from Builder in April 2012 end only as he is asking for some time to complete the finishing work once the registry is done. So I will be having only registry document in Feb 2012.

2) My company have asked to submit investment prove till 30 JAN 2012 for this financial year. So I will not be able to give the Registry document to my company and they will deduct the tax without any rebate in INTEREST part of home loan. Can I file a tax return with the home registry document?

Thanks in advance

Regards
Saurabh Verma

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Posted by GD