Focus (CA-Final Student) (272 Points)
12 July 2013What would be the treatment of Interest on loan paid for the last 3 years for purchase of property, if one gets possession of property in the current financial year. The property is deemed self occupied.
Do we get deduction us 24 and upto what extent. Can this deduction only be availed once one gets possesion of property
Mihir
(Wealth Manager)
(5293 Points)
Replied 13 July 2013
You can avail deduction of interest even when the possession is not acquired or the flat is still under construction.
CAclubindia
