Dear all
I have taken bank loan of Rs 1500000/- for purchases of flat in Nov 2011. But yet flat is under construction & no possession. It will be completed till Aug 2012. Around 95 % loan amount has been disbursed up to Mar 2012 by bank.
Bank has given me provisional statement of the loan for F Y 2011-2012. Details as follows :
Principal Component Rs 19338/-
Interest Component Rs 64737/-
Pre EMI Interest Rs 6420/-
Sir I have question that, can I claim whole interest i.e Rs 71157/- for deduction for F Y 11-12. If not then when it should be deducted. Also can I claim principal amount i.e Rs 19338/- for deduction u/s 80c.
please reply............................................
CAclubindia
