As per Section 24, interest during the pre-construction period can be claimed as a deduction in five equal instalments starting from the year in which the property is acquired or construction is completed. I have 2 queries in relation to this:
1. A customer had taken the loan from a bank during pre constrcution period, however, the customer has now repaid the full amount of loan to the bank after pre construction period. Can the customer still claim deduction of interest for the 'Pre-construction' period?
2. A customer had taken the loan from a bank during pre constrcution period, however, the loan has now been transferred from bank to individual. Hence, the home loan still exists, but now its been taken from an individual. Can the customer still claim deduction of interest for the 'Pre-construction' period?
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