Me and my brother jointly purchased an under constructed property in March, 2015. We took the loan (both jointly) in May, 2015 and started paying EMI thereafter. The property is still under construction and hopefully possession will be given in next 2 years. Please advice if we can claim deduction u/s 24(b) of the interest amount in current FY, that is 2015-16 (AY 2016-17).
10 January 2016
No deduction is allowable for property under construction however will be allowed in 1/5 ratio each year asbpre construction interest from fy in which construction completed
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