Int on hp-when to claim

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 May 2012 Interest for pre-construction period
Money may be borrowed prior to the acquisition or
construction of the property. In such a case, interest paid/
payable before the final completion of construction or
acquisition of the property will be aggregated and allowed for
five successive financial years starting with the year in which
the acquisition or construction is completed. This deduction is
not allowed if the loan is utilized for repairs, renewal or
reconstruction

query in above para:-
if the builder has taken permission to complete the 21 floor.
and construction is completed up to 17 th floor.can assessee can claim interest on the base of his 17 th fo\loor construction is completed

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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14 May 2012 When an assessee purchases a flat from a builder, the term " acquired" comes into play.
.
Acquisition completes only when- possession is handed over to the customer.
.
Completion of Construction here becomes irrelevant as its not being controlled by the assessee.
.

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