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Can I avail tax benefit before getting possession?- Property Hotline
Posted
November 10, 2016
Views
67
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1
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1.49%
November 10, 2016
67
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2:38Now PlayingExpert: Pannkaj Ghadiali, Tax Expert.
Question: I am staying Mumbai. My family owns a flat. The flat is registered in his father's name. I am the paying rent and claiming HRA. I purchased a flat in Pune and received possession this year. Now I want to know whether I can get tax benefit of Rs 2 lakhs on interest and 1.5% of principal amount. I don’t want to give the Pune flat on rent neither I will be staying there. But I want to take the benefit of more than Rs 2 lakhs interest that I was paying which is approximately Rs 3.5 lakhs. So can I show a notional rent and get tax benefit for the entire Rs 3.5 lakhs. Also, I have paid interest of approximately Rs 3 lakhs before I got the possession. So can I get any kind of tax benefit for the Rs 70,000?
Answer: I think you know the law well and whatever you have said is correct. Now, you are proposing that for the Pune flat you don't want to actually rent it out but you want to claim the benefits as applicable to a rented property. This is not possible. Since this is the only property owned by you, you cannot show notional rent as the first property is always considered as self-occupied property.
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