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Relief for home loan borrowers: Housing society certificate sufficient for availing tax sop

Income tax tribunal rules that completition certificate from government authority is not must for availing home loan tax exemption

Priya Nair  |  Mumbai 

Home buyers planning to take a home loan may get relief in case the developer has not obtained the completition certificate (CC). According to a recent order passed by the income tax appellate tribunal’s Mumbai bench, a letter from the housing society showing the possession of the house in the borrower’s name is sufficient for the borrower to claim income-tax exemption on the home loan. As per income tax rules, home loan borrowers can claim up to Rs 2 lakh exemption on the interest paid on the loan. They can also claim exemption on the principal up to Rs 1.5 ...

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Relief for home loan borrowers: Housing society certificate sufficient for availing tax sop

Income tax tribunal rules that completition certificate from government authority is not must for availing home loan tax exemption

Income tax tribunal rules that completition certificate from government authority is not must for availing home loan tax exemption Home buyers planning to take a home loan may get relief in case the developer has not obtained the completition certificate (CC). According to a recent order passed by the income tax appellate tribunal’s Mumbai bench, a letter from the housing society showing the possession of the house in the borrower’s name is sufficient for the borrower to claim income-tax exemption on the home loan. As per income tax rules, home loan borrowers can claim up to Rs 2 lakh exemption on the interest paid on the loan. They can also claim exemption on the principal up to Rs 1.5 ... image
Business Standard
177 22

Relief for home loan borrowers: Housing society certificate sufficient for availing tax sop

Income tax tribunal rules that completition certificate from government authority is not must for availing home loan tax exemption

Home buyers planning to take a home loan may get relief in case the developer has not obtained the completition certificate (CC). According to a recent order passed by the income tax appellate tribunal’s Mumbai bench, a letter from the housing society showing the possession of the house in the borrower’s name is sufficient for the borrower to claim income-tax exemption on the home loan. As per income tax rules, home loan borrowers can claim up to Rs 2 lakh exemption on the interest paid on the loan. They can also claim exemption on the principal up to Rs 1.5 ...

image
Business Standard
177 22