The wording of clause b of section 24 reads as follows.  Hence interset payable would also be dedcutible even if tis paid in teh subsequent F.Y.

Income chargeable under the head "Income from house property" shall be computed after making the following deductions, namely:—

b)  where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital:

Ya you can................!

Dinesh,

As stated by Giridhar you can claim the amount of interest payable even though not paid. However, in order to claim this amount, the Third Proviso to Section 24(b) states that no deduction is to be made unless the assessee furnishes a certificate, from the person to whom the interest is payable on the capital borrowed....etc etc"

The said person, usually a bank, would in all probability not issue such certificate if the interest has not actually been paid.This may be a technicality in claiming the said deduction

For more on Indian income Tax, please visit my blog https:\\ indiataxobserver.wordpress.com