Deduction u/s 80c - repayment of principal amount

Devendra (Chartered Accountant) (4775 Points)

23 April 2012  


Mr. X borrowed a loan from bank for the purchase of Residential Flat, he is paying the Principal Amount every month (EMI), but the Residential Flat is not yet in his possession. Will he still be eligible for the deduction u/s 80C for the repayment of Principal Amount even if the flat is not in his possession?
Devendra Kulkarni