Exemption u/s 24 of Interest charged by Builder on delayed EMI payment

Deepak Gupta (Senior Manager) (23 Points)

13 January 2020  

I booked the flat on construction linked EMI plan in 2011 and got the possession in 2017. However builder charged me Interest on delayed payment of EMI. Please suggest If I can claim this interest u/s 24 of the income tax act. For example, if the interest is Rs 100, Can I claim 1/5th of the same Rs 20.00 in next 5 financial years after possession u/s 24 or other section of the IT Act.

Please suggest along with IT rulings and case study in such cases.