home loan expert : Need help/Clarification

i am no expert. But i guess i am sure of my answer.

You must  have been filing your returns and under the head income from house property you must be claiming the interest as deduction. Since you do not have any income it would total to house property loss (for a maximum of Rs.150,000) this loss can be adjusted against your income from business or other sources but not from salary.

As a result of the above u r setting of the loss from house property with any of your other income. try relating this suggestion with other suggestions recd so far by you. In case of anything in contrary please put forth your comment.

Hi Vikas,

Before you go through my opinion i just want to inform you that i am not an expert,but i advice you to go through my opinion

As per section 24(b) house is need to be constructed or acquired within 3 years from end of financial year in which capital is borrowed.Generally in real estate property ownership is passed when agreement to sell is executed.Therefore if Agreement to sell is entered by you & your developer than you have acquired the property at that date.Therefore merely not getting possession of house is not relevant for disallowing deduction u/s 24(b).

Therefore you will be entitle to deduction of pre-construction interest which is to be computed till 31st march 2011.And next year interest will given as deduction u/s 24(b) subject to condition specified therein.