Completion of acquisition or construction is a mandatory condition for claiming deduction under Section 24(b). However, you can still claim the pre construction interest in 5 equal installments from the year in which completion is done.
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Introduction. Section 24b of income tax act allows deduction of interest on home loan from the taxable income. Such loan should be taken for purchase or construction or repair or reconstruction of house property. Such deduction is allowed on accrual basis, not on paid basis.
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