Interest on loan on house property

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ashay (Querist)
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11 July 2012 A LOAN HAS BEEN TAKEN TO PURCHASE A HOUSE PROPERTY BUT THE PERSON HAS NOT RECEIVED POSSESSION OF THE HOUSE PROPERTY. NOW THE PERSON WANTS TO CLAIM THE INTEREST ON LOAN AS DEDUCTION U/S 24 . IS THE INTEREST CLAIMABLE EVEN IF POSSESSION IS NOT RECEIVED ?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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11 July 2012 If you have the Construction completion certificate. you are eligible for deduction as per section 24(b). Possession not matter.

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CA BHARATH KUMAR

CA BHARATH KUMAR (Expert)
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11 July 2012 i agreed the above experts

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ashay

ashay (Querist)
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12 July 2012 IS IT COMMENCEMENT CERTIFICATE OR COMPLETION CERTIFICATE IF POSSESSION DOES NOT MATTERS ???

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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12 July 2012 Sec.24(b) specifies only Completion of construction, not mentioned any possession details.

ashay

ashay (Querist)
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13 July 2012 The issue is whether the Housing Loan taken for the residential house which is under construction eligible for deduction U/s.24.The Agreement to sale is executed so technically the acqusition is done.