Income tax rebate on 24(b)

You would not get the exemption for itnerest on home loan as the property is still not in your possession.  Interst exemptionc an be taken in 5 equal installments once you get the possession of the property.

However you would still be eligible to get the deduction on account of principal payment.  Please check the amount of principal payment made by you during 2011-12.  If it is nominal leave it.  If it is subsequent then please file a revised return.

Where the property has been constructed with borrowed capital, the interest payable on such capital for the period prior to the previous year in which the property has been  constructed shall be deducted  in 5 equal instalments.

So once you get possession of the property, you can get deduction under Section 24.