According to Income Tax laws, when is a person considered to own a house – at the time of allotment or at the time of possession?
A10. The ownership for Income-Tax purpose would be when you receive the possession. Even if payment is not made but possession is received, it will be treated as a sale transaction. DISCLAIMER – Magicbricks.com cannot be held responsible for the advise, views and suggestions provided by our legal and taxation experts. The information contained herein should be used for reference only and Magicbricks.com will not be responsible for any claims arising out of the use of any information displayed herein.
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- According to Income Tax laws, when is a person considered to own a house - at the time of allotment or at the time of possession?
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