Regarding deduction on interest paid on property

This query is : Resolved

ravinder (Querist)
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14 February 2015 I have booked a flat through builder and take loan from bank and paid interest and emi thereon, but we have not the possession of flat and sell the rights of flat to other person.
My question is that, can i claim the deduction of interest & emi paid on loan and if it is possible, kindly clarify me on urgent basis

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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14 February 2015 Interest as well as principal repaid are not eligible for deduction ,for the purpose of income tax calculation, since you did not get the OWNERSHIP of the flat instead you had only a booking right which will not suffice.