All around, realty projects are being delayed because builders are strapped for money and cannot complete construction. This delay leads to higher pre-EMI costs or existing rental wastage and has a major tax implication on the end-user.
Delay in the possession basically means the taxpayer will not be able to benefit from any kind of tax deduction until the project is completed. The tax deductions applicable is not available to home buyers if the house is not complete and if the possession has not been taken.
Though, this interest can be accumulated till the year in which possession of the house is taken. From that year, one-fifth of the construction period interest will be allowed for five years.
Buying an under-construction house from a builder adheres to the 5 years’ time limit. The taxpayer must have possession of the property inside the 5 years of taking the loan to be eligible for deduction on the interest of the self-occupied property. If the deadline is not met with, the deduction is reduced to just Rs. 30,000 a year.
You can be rest assured by buying a ready-to-move-in apartment from us at Fortius Waterscape. In fact, it is being completed ahead of schedule, one year ahead!
Check our monthly updates to know the project construction status. We will be by your side to make sure that there are no tax hassles. Fortius Waterscape is located near Whitefield with all the necessities like malls, hospitals, schools etc. The Fortius Waterscape is very accessible too.
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Fortius Infradevelopers LLP (the Company) uses all diligence, skill, and expertise available to provide information on this website but does not accept or undertake any express or implied warranty of any nature whatsoever that this site or the server that makes it available are or will be free of viruses or other harmful components. The Company shall not be under any obligation to ensure compliance or handle complaints.
The plans, specifications, images and other details herein are indicative. The Website does not constitute an offer and/or contract of any nature whatsoever. Any purchase in any project shall be governed by the terms of the agreement entered into between the parties in writing.
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Notwithstanding anything and in no event shall The Company, their promoters, directors, employees and agents be liable to the visitor for any or all damages, losses and causes of action ( including but not limited to) negligence, errors, injury, whether direct, indirect, consequential or incidental, suffered or incurred by any person/s or due to any use and/or inability to use this site or information or its links, hyperlinks, action taken or abstained or any transmission made through this website.
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Information displayed about the project, plans, specification, diagrams, photographs, links, hyperlinks, and conditions may be altered at any by the Company. The Company will endeavor to update the site as promptly as possible, with all relevant information and details, however, it may take some time before such changes are reflected on the site/webpage.
The Company advises that the visitor to the website, verify with the Company’s sales staff for the up dated information on the projects as there is a possibility of the information on the web site is not the latest information for several reasons including the updating and re-structuring the web site.
Information about projects are of very general in nature. The pictures, layout themes, project landscape, interiors, lightings, etc. are shown as what is intended to be at the time of completion and presently they are as illustrations and demonstration of the concept of the development. The visitor is required to verify all the details, including area, amenities, services, terms of sales and payments and other relevant terms independently with the Company and their sales team prior to concluding any decision for buying in the Company.
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