MR X HAS TAKEN A HOUSING LOAN OF RS 20L BUT BANK HAS DISBURSE RS 13L REMAINING PART IS PENDING .INTEREST HAS STARTED AND MR X DOESN'TGET THE POSSESSION & EVEN NOT PREPARED SALE DEED . MY QUS. IS THAT WETHER INTEREST IS DEDUCITBLE UNDER HOUSE PROPERTY BECAUSE PROPERTY IS NOT TRANSFER .
Interest u/s/24b is not deductible without completion of construction and possesion of the house. you can accumulate the interest till possession and claim in 5 equal installment as pre construction period interest
T R SOOD & CO
New Delhi
CA Inter
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R P S K & Associates
Nashik
CA Inter
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CAclubindia
