Sunday, February 17, 2013

What is Possession Letter, Occupation Certificate and Completion Certificate?

Which Are Required for IT Exemption?

Mr. Rahul Gandhi purchased a ready possession flat from a builder at Kharadi Pune.
After receiving the entire payment, in January, the builder gave possession of the flat to Rahul.
But, at the time of handing over the flat, builder did not give "possession letter" to Rahul.
Rahul & Priyanka also didn't mind and shifted to their new flat.

As promised, the builder gave possession letter of his flat to Rahul in the next month - February.
To get Income Tax benefit, Rahul submitted the builder's possession letter to accounts department of his company.
Looking at the builder's possession letter, the accounts department asked Rahul, "Where is the Completion & Occupation Certificate?"
Shocked Rahul asked, "What is Completion & Occupation Certificate? My builder only gave me - this possession letter!"
"Only possession letter is not enough. To get income tax benefit - you must submit - Completion & Occupation Certificate too," returning the papers accountant said.

Disappointed & frustrated Rahul went back to his office and started asking his colleagues, "What is Possession Letter, Occupancy Certificate, Completion Certificate? Are all these required for IT?"
If you know the answer, please, help Rahul.
Share your knowledge & experiences in the comments!

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1) Possession Letter

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Wednesday, February 6, 2013

Pre-launch offers are illegal

Pre-launch offer is bluffing & cheating:

Several developers are coming out with pre-launch offers through advertisements and special invitations. However, according to experts this is completely illegal as developers are selling apartments even before the grant of the licence to develop the property.

"It (pre-launch offers) is a big zero. Pre-launch offers are 100% illegal. Unless you pass the plan (for the building) you cannot allocate flat or apartment number to a buyer. And several developers are found doing the same,” said advocate Vinod Sampat. Read More

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1) Baap ka maal