Home loan interest

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Anjana (Querist)
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19 July 2013 Dear Sir,
For claiming deduction of interest on home loan being self occupied property,is it necessary to take possession first to claim the interest under section 24(b).

If yes then whether one can claim deduction of interest of period before the possession as pre-construction period in 5 instalment's
if the person belongs to salary class.

Kindly Guide.

Tx & Regards
Anjana Sehgal

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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19 July 2013 1.It is available from the year of construction completed & taken possession. so it is necessary to take the possession

2. yes. once the construction & possession completed, from that year you can start claim 1/5th of the pre construction period interest