Interest exemption on property delayed due to construction

RAJESH CHOPRA (Querist) 23 July 2016 This query is : Resolved
Dear Sir, I had purchased a property in Sept 2010 from a builder for self use and paid 90% upfront. The flat was Expected to be completed latest by March 2014. I also took a loan for the said flat and paying EMI's

The flat is not yet ready and still under construction and will take minimum 2 years more .

I would like to know can I under any provisions of law claim exemption on interest paid on my loan though the flat's possession is not yet given to me.

Thanks

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adv.bharat @ PUNE (Expert) 23 July 2016
Read RERA act for your required information. Builder is held liable for delayed possession of property.

Kumar Doab (Expert) 23 July 2016
THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016
NO. 16 OF 2016
[

and Consumer Protection Act may be pursued.

Dr J C Vashista (Expert) 24 July 2016
File a complaint under Consumer Protection Act, 1986.

R.K Nanda (Expert) 24 July 2016
Nothing to add.

Rajendra K Goyal (Expert) 24 July 2016
Interest rebate can not be claimed till possession of the property.

Can claim deduction towards interest paid for the pre-construction period in five equal annual installments starting from the year of possession or acquisition.

Advocate Bhartesh goyal (Expert) 24 July 2016
Agree with expert Dr.J.C.Vashista,file complaint against builder before Consumer Forum and claim compensation for delayed possession and for mental agony and amount of interest paid and to be paid .

Kumar Doab (Expert) 24 July 2016
You can benefit from the advise of experts.

Guest (Expert) 24 July 2016
You may follow the advice of Dr. J.C. Vashist.

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