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What is ‘tax on vacant house for 1 year after Completion Certificate? - Property Hotline
Posted
February 3, 2017
Views
222
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5
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February 3, 2017
222
5
2.25%
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8:39Now PlayingExpert: Jayesh Kariya, Partner, BSR & Associates.
Question: Please explain "Tax on vacant house for 1 year after Completion Certificate". Does it mean that Developers will be taxed if they have unsold inventory for more than 1 year after receipt of CC? Will this compel the builders to cut prices and sell property within 1 year of receipt of Completion Certificate?
Answer: As an asset class, the move will make real estate a little less attractive. If you are buying second home and you are hoping that you have taken a home loan, and you will be able to offset more of your income tax and claim more deductions, then it is not possible. In the new financial year, you will only be able to claim upto Rs 2 lakh as exemption as that has been capped according to the Union Budget.
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