Is registration of house compulsory to avail the Tax benifit of Home Loan

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  1. Satyam226

    Satyam226 New Member

    Hi,
    I have purchased a property( Under construction ) in 2012 and my home loan started in 2012 itself
    i have couple of questions regarding the Tax benifit on Home Loan . Please guide me on the same

    1) Is the Registartion of the property must to take the Tax Benefit of Home Loan or the completion certificate of the entire project given by the builder is sufficient to avail the tax benefit


    2) The Possession of my property will take place in the financial year 2016-2017 but the builder has got the completion certificate of the entire project in the finalcial year 2015-2016 .
    Since, my Home loan started in 2012 but the possession of the property will happen in 2016-2017 which is beyond 3 years then in that case whether the interest benefit will be reduced to Rs 30,000/- or it will still be Rs 2 Lakhs as the builder got the completion certificate from the government authorities. Pl

    I read a article from your site
    http://www.charteredclub.com/tax-benefit-on-home-loan/

    The portion of which is as below

    "Moreover, if the property is not acquired/constructed completed within 3 years from the end of financial year in which the loan was taken, the interest benefit in this case would be reduced from 2 Lakhs to Rs 30 thousand only. This limit of 3 years has been increased to 5 years from Financial Year 2016-17 and onwards."
     
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