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Buyers and investors could lose 85% tax benefit on delay of house possession

Q: As we all know that a tax deduction of Rs 2 lakh per year is allowed against payment of interest on home loans, if the house is acquired within 3 yrs of taking the loan.

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Replies (2)
1
Yes, it is just making the buyers ineligible for the tax-deduction. It is a fact they would have known at the time of taking home loan. It is better to buy your own home than rent a property for yourself.
Rahul Kumar


It is nothing but one more stress on realty sector. It is always seen that the most builders are now committing deliveries after 4 yrs of booking, so home buyers lose out on a big chunk of the potential tax deduction.
Pranay Malhotra,  Delhi-NCR
11th February 2016


2
Hi Rishi,
This is not fair. They are already facing mental harassment of delayed delivery for no faults of their and yet again fear of losing 85% of the tax benefit on their home loan.
Pranay Malhotra


Yes, in case the possession happens after 3 yrs, the permissible deduction falls to just Rs 30000 a year a reduction of 85%. But it is seen that the past couple of years most of the home deliveries have been delayed beyond 3 yrs. from time of purchase. it means they all will lose the tax deduction benefit.
11th February 2016


3

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