Is Possession Certificate Required to Claim Tax Benefits? Yes, you need to provide the possession certificate to claim tax benefits.
Yes, you can claim deductions on the interest paid on house loan before possession, albeit after the construction is complete and the property is ready for occupancy. ... Once you claim a tax exemption on this interest, you can reclaim this amount in five instalments after the construction is completed.
Possession certificate assures that the possession of a property is transferred from one owner to another successfully. Failing so, might land you in legal trouble. So, being an informed buyer, it is imperative you get this certificate done in your favour when buying a property.
In simpler terms, a possession certificate is a document which states that the property has been possessed without any illegal means. ... “Possession certificate is mandatory to move in the property or make use of the property as it signifies that the possession of the property has shifted from one place to another.
The possession certificate is also known as a possession letter. It is one of the key documents that a property seller gives to the property buyer. It is a mandatory document to affirm your ownership of the property. ...
A possession letter is a document issued by the developer in favour of the buyer stating the date of possession of the property. It is issued after the developer gets a completion certificate from the designated authority.
Yes you may request him to give you a copy of possession letter. You have a right to get the same if he refuses for the same then serve him with a legal notice and then sue him in the consumer forum. ... Do not worrya s possession letter is not soimprtanct and in absnece of it your titile is not hampered in any way.
The Possession Letter is issued by the developer in favour of the buyer, stating the date of possession of the property. The original copy of this document needs to be produced for securing a home loan. A Possession Letter alone would not suffice for legal possession of the property, unless the OC has been obtained.
Occupancy Certificate is issued for an entire building, or a part thereof, and is not given to individuals houses. As obtaining Occupancy Certificate for an independent house is not mandatory.
Offering the possession without OC is a breach of the law and punishable. Any building that has not received the OC from the authorities is considered under-construction projects. ... The authority is dedicated to act on the grievances of the homebuyers and provide a solution.
Without a valid OC, your occupancy is illegal as it can be classified as an unauthorised structure by the authorities. 2. OC is crucial while applying for a home loan or loan to purchase a resale flat. You cannot even sell your property without a valid OC in hand.
The possession letter is issued by the developer to the buyer stating the date of the possession of the property. The original copy of the letter needs to be produced to the bank while securing the home loan. The possession letter alone does not suffice your ownership of the property.
In this scheme, the buyer of the property is not required to pay EMIs until he/she takes actual possession of the property in question. This, to begin with, is conducive as most projects take around two-three years to finish.
The principal portion of the EMI paid for the year is allowed as a deduction under Section 80C. The maximum amount that can be claimed is up to Rs 1.5 lakh. But to claim this deduction, the house property should not be sold within five years of possession.
The interest paid can be claimed as deduction only after the property is ready for possession. Any interest paid before possession is tax deductible in five instalments beginning from the year in which construction was completed subject to a cap of Rs 2 lakh if the property is self-occupied.
2) Builder cannot insist you on taking possession of flats where Builder has not obtained completer CC or OC for the building, and he also cannot charge any amount. It will also be illegal under law if you take possession of the flat without building having OC.
Buildings insurance may be invalid without a completion certificate. It's important to remember that if there's no completion certificate for alterations to your property, your insurance company may refuse to pay out and you may have to cover the cost yourself.
According to the Indian Contract Act, an agreement is enforceable under Section 10, if it is made by competent parties. Now, since the allotment letter has all the essential constituents of a contract, it is also a legally binding document.
A allotment letter can be lost. You write a letter to your Promoter stating that you have lost the Allotment letter and submit an Affidavit with regard to this and request for Duplicate Allotment Letter. He is bound to reissue the Allotment Letter.
Joint Development Agreement should be registered and buyer should thoroughly check JDA before signing below the dotted line. Also buyer should be aware whether he is buying a flat from builders share or landowners Share. In my personal opinion, it is advisable to buy flat from builders share to be on safer side.
It is true that OC is currently not mandatory for registration, but it is mandatory for possession. By invoking a clause in the agreement, Reputed Builders is trying to intimidate the buyer.
In order to claim possessory title, the plaintiff will have to prove his own case, and also will have to show that he has better title than any other person.