Interest allowed u/s 24(b)

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Ravi Kumar Rajgaria (Querist)
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30 May 2008 One of the employee took a loan from bank for acquisition of home and he will get possession after 2 years. But his EMI already started.
Can he allow for deduction of interest under home loan for Rs. 150000/- and U/s 80C for installment paid in current year?

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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30 May 2008 deduction is not allowed if construction is not complete you should capitalised the same interest to the subsequent year's & principal amount is not deducted

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