According to S 24, interest on housing loan before possession date is allowed as deduction equally spread over the next five years.
My question is as follows:
1. If the house is sold after taking possession, can this amount still be claimed as deduction u/s 24 (within the overall limit of Rs. 1,50,000 (now Rs. 2,00,000))?
2. If it cannot be claimed as deduction, can it be added to the cost of acquisition while calculating capital gains? If yes, indexation is based on date of purchase or date of payment of interest?
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