10 December 2008
If you take the possession before 31st March, entire Interest & Prin paid during that year (from April to Mar) is deductible. If the possession is taken after April (Say on 10th April) - then previous year's interest needs to be treated as "Pre-Occupied" and 1/5th will be allowed in each year (upto 5years).
So, in ur case, if you take possession on 29-Feb-09, entire interest and prin paid from 1-Apr-08 to 31-3-09 is allowable
10 December 2008
If you take the possession before 31st March, entire Interest & Prin paid during that year (from April to Mar) is deductible. If the possession is taken after April (Say on 10th April) - then previous year's interest needs to be treated as "Pre-Occupied" and 1/5th will be allowed in each year (upto 5years).
So, in ur case, if you take possession on 29-Feb-09, entire interest and prin paid from 1-Apr-08 to 31-3-09 is allowable
CAclubindia
