Pre construction interest on housing loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 July 2012 Possession of flat taken in the year 2011-12, but the flat is still under construction during the year.
Can interest paid on housing loan in the fy 2011-12, be claimed under section 24(b) in the ay 2012-13?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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21 July 2012 Pre-construction period interest shall be allowed from the year in which the construction is completed.

It shall be allowed in 5 equal instalments.

It CANNOT be claimed if the construction is not complete.

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