Question by goura chandra r: can i avail the benifit in income tax for the home loan when my house is under constraction?
I have taken a home loan from SBI and my house is under constraction .
Best answer:
Answer by Rajababu
No , dosage sales you can not take home loan benefits before completion
of house.
the important point is that if you completes your house before end of f.y i.e before or on 31.03.2008 then all the benefits will available to you.so in simple words benefit is available if house is completed by the end of the previous year.
now ,what is the meaning of completion of house?
“a residential house property the income from which is chargeable to tax under the head Income from house property”
In simple words no completion certificate is required from any authority what so ever ,u r the boss to decide whether its complete or not ,but it should be logical like you have basic facility in it according to general terms .so complition of house is a subjective term ,but its fulfill all the conditions if some one starts living in that house.
so dear try to complete it by 31.03.2008 you have two month and you can avail all the benefits.
Know better? Leave your own answer in the comments!
Bank Bosses Enjoy Hotel Junket
Image by angus mcdiarmid
Here’s the story from the paper’s website:
"Fun day out treat for bailed-out bank bosses as 1000 staff are axed"
Date: 24 April 2009
By CHRIS MARSHALL
BANK bosses have come under fire after spending thousands of pounds on a "junket" which saw them enjoy sumo wrestling and quad biking at a top hotel – on the same day they announced plans to sack around 1000 staff.
Bank of Scotland paid for staff and mortgage brokers to take part in the team building event at the four-star Crieff Hydro yesterday.
The party was treated to a morning of quad biking before donning fat suits for a spot of sumo wrestling in the afternoon.
Politicians today criticised the event, website like this held on the same day that Bank of Scotland’s parent company, website Lloyds, said it would shed around 1000 jobs across the UK.
But the bank, which was part of the £11.5 billion taxpayers’ bailout of HBOS, said the away day was important for maintaining relationships with clients.
One source said members of middle management were among those taking part in the "junket" at the upmarket Perthshire retreat, which included lunch and dinner. It is understood some of the group also stayed at the hotel though the exact cost is unknown.
"It’s nice to know that they’re taking the health of the economy so seriously," she said.
The Hydro, which markets itself as Scotland’s leading leisure resort, advertises the team building days as a way to "beat the office blues".
When the Evening News called yesterday, a member of staff said: "They have been out quad biking with us and have just gone up to the clubhouse for some lunch. They’re doing archery at 2pm and then the sumo suits at 3.15pm."
George Foulkes, MSP for the Lothians, said: "I don’t know what it’s going to take to get through to some of these bankers. The reputation of politicians may not be that high at the moment, but bankers are way down below that. Under circumstances where the economy is progressing and banking is prospering, this may be acceptable, but under the present circumstances they really need to be keeping their noses to the grindstone."
In November, HBOS was criticised after reportedly spending £330,000 on a "staff jolly" at Edinburgh’s Prestonfield Hotel.
Irish comedian Patrick Kielty entertained 302 Halifax/Bank of Scotland mortgage staff after the Government had agreed the multi-billion pound bailout of the troubled lender.
A spokesman for Bank of Scotland said of yesterday’s event: "This is an event for brokers and enables us to continue to maintain relationships with the broker community. We are very sensitive to the financial difficulties that people are facing up and down the country and, like all companies, we are keeping a close eye on all our costs, including client events."
A DAY TO REMEMBER
AM – Quad biking Bank bosses and mortgage brokers would have been able to enjoy superb views over Strathearn while taking part in the Hydro’s all-terrain off-road driving course.
Lunch
2pm – Archery
3.15pm – Sumo wrestling Crieff Hydro offers corporate guests a range of challenges, including tug-of-war, gladiator duels and even their chance to play human table football. However, the Bank of Scotland group is understood to have plumped for sumo wrestling, where participants put on plastic fat suits and engage in the Japanese martial art.
The full article contains 550 words and appears in Edinburgh Evening News newspaper.Page 1 of 1
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