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Can I claim tax benefit on the basis of possession letter?- Property hotline
Posted
July 28, 2016
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1,197
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July 28, 2016
1,197
4
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3:39Now PlayingExpert: Harsh Roongta, Chartered Accountant and a SEBI registered Investment Advisor.
Question: Can I start claiming tax benefits basis a fit-out possession letter?
Answer: You can claim tax benefits once the house property is ready for occupation. The Income-tax Act does not prescribe any documents that prove usage of the house property. In many cases, the fit out possession letter is the only way that the assessee gets possession as the final possession never formally happens. As long as the usage can be proved (electricity bills, gas bills, bank statements, etc.) will be the secondary documents. In any case, this is relevant only where the fit-out possession date and the final possession date fall in different financial years.
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