POSTED BY November 19, 2014 10:06 am NO COMMENTSON
I had applied for a Residential Unit (200 sq. yd. plot + 1500 sq. ft. constructed house) to a developer in 2010 and got home loan for this. As per Developer-Buyer Agreement payment plan I got registered plot in my name in 2011 after paying whole amount for plot. After that I paid some amount for my partial constructed house. I have not got possession of this residential unit as it is still under construction.
1) Can I claim income tax rebate for money invested on my plot which is registered in my name.
2) Is there any disadvantage to me in respect of interest rate of home loan if developer crosses his time limit of giving possession to me as per agreement? 3) Is there any disadvantage to me in respect of income tax rebate if developer crosses his time limit of giving possession to me as per agreement? Thanks.