According to my understanding he want to say that costruction of the flat is completed. He neither have the possession of the flat nor the registry. He has taken the loan for the same property @ 85%. Can he get deduction u/s 24(b)??
1. As per Section 27 you will be considered Deemed Owner of the property.
2. As the construction is completed with in 3 years from the end of the financial year in which loan taken then deduction for interest will be allowed upto Rs. 1,50,000. (Accrual Basis)
3. Deduction on interest for prior period will also be allowed in 5 years equal installment. (Accrual Basis)
4. Deduction for principal amount repaid will be allowed u/s 80C. (Paid basis)