I am going to buy a flat, but there are a few problems over the covered area, on the basis of which square foot price will be calculated. My fianc? has bought a plot in Bangalore with a loan. The land is registered in his name. We want to construct a house on it. I want to apply for an extension of the loan, but in my name. Am I eligible for tax exemption and is a marriage certificate necessary? What are the clauses in the home loan tax exemption laws?

Deepti Talwar

You can get tax exemption on the home loan if the property is registered in your name. You can get the house registered jointly and later produce the marriage certificate. The title deed, however, should reflect that you and your fianc? have jointly invested in the property, as in the case of the registration of a flat.

I get house rent allowance from my employer and pay rent to my landlord. I have booked a flat whose possession I will get in November 2006. I will take a loan from a nationalised bank in July 2006. So between July and October, I will pay both house rent and EMI. Is it possible to claim tax benefits simultaneously on house rent and EMI?

Hemant Chhoria

You can claim tax benefit on a home loan only after you get possession of the flat. This means that from November, you can claim tax deduction on your EMI. For the EMIs paid between July and October, you can claim the deduction over the next three years (in equal instalments) after getting possession of the flat. You cannot claim tax benefits on rent and EMIs simultaneously.

We live in a building with eight flats and three parking slots. The plan has been sanctioned by the CMC. According to our sale agreement and deed of conveyance, there is also provision for a watchman’s room, a pump room and a meter room on the ground floor. Can the promoter convert the watchman’s room and the pump room for any other purpose without the CMC’s sanction?

T.K. Ghosh, Calcutta

The plan cannot be changed without the approval of the CMC. If the plan has been violated, you can lodge a complaint with the corporation. It will take necessary action that may include demolition of the additional construction, if any.

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