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Deduction under section 24

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(Querist)
21 February 2008 What is the quantum of deduction that would be allowable under the Income tax Act on a flat the construction of which was completed during September 2007 and possession handed over in October 2007? Whether full deduction is available? Is there any CBDT circular in this regard?
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CA Saurabh Maheshwari

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CA Saurabh Maheshwari (Expert)
21 February 2008 ANY INTEREST PAID ON LOAN UPTO RS.150000/- IS ALLOWED FOR DEDUCTION EACH YEAR.
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CA Hemant T Dewani

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CA Hemant T Dewani (Expert)
21 February 2008 if interest is paid during the year interest upto 150000/-deduction is avalable to you
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