Income from house property

Pankaj (Manager) (295 Points)

20 February 2012  

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............................................