House property -pocession in next month

Hello Ravi,

In our opinion, you can claim the deduction for f/y 2011-12 because there is no condition for actual possession of the house property. The property must be ready to use.

Interest can be calimed as loss from the year completion of construction. Interest in the year of completion  can be claimed fully & prior period interest can be calimed over 5 year including the year of completion subject to follwing condition

1.Max 1.5 lakh p.a for self occupied property constructed.

2.Construction should be completed in 3 years from the end of FY in which capital was borrowed.

3.Certificate should be obtained from the lender.

Hello Ravi,

Yes, your opinion is correct with respect of HRA. Because there must be in possession the property. I agree with u.