MR X HAS TAKEN A HOUSING LOAN OF RS 20L BUT BANK HAS DISBURSE RS 13L REMAINING PART IS PENDING .INTEREST HAS STARTED AND MR X DOESN'TGET THE POSSESSION & EVEN NOT PREPARED SALE DEED . MY QUS. IS THAT WETHER INTEREST IS DEDUCITBLE UNDER HOUSE PROPERTY BECAUSE PROPERTY IS NOT TRANSFER .
1 Replies
CMA Ramesh Krishnan
(Cost & Management Accountant)
(71489 Points)
Replied 14 June 2013
Interest u/s/24b is not deductible without completion of construction and possesion of the house. you can accumulate the interest till possession and claim in 5 equal installment as pre construction period interest
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