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deduction of interest on borrowed capital

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(Querist)
25 December 2008 when a deduction of interest of borrowed capital is allowed .

after complete a construction or before

example

i take a loan from bank on dec-2008. my residence properity will not complete upto 31.03.08 . can i take a benifit of exemption of interest on borrowed capital .
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
25 December 2008 Full deduction of interest pertaining to a financial year can be claimed and allowed only after the completion of the house property. However, interest pertaining to the construction period can be claimed in equal five instalments in the consecutive financial years after construction of the house property is complete.
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Jitender

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Jitender (Expert)
25 December 2008 u will get the exemption after completion of house property. & intt paid in pre-construction period is allowable in 5 instalments after completion of house property.
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