24 January 2014
I have booked a flat from a builder. The possession would be handed over in 2015. The flat / building is under construction. I have taken a loan from Bank and have been paying the EMI. I know that rebate on interest on the under construction property is not allowed till possession is received. Please advise whether any rebate would be available for the principal paid.
24 January 2014
You get the benefit, Because of as per section 24(b) benefit of deduction shall starts from the year of property occupied(possession received) or Commencement of EMI which is earlier, So please go through section 24(b), as well as for deduction principle amount u/s 80C no condition of possession receive.
CAclubindia
