Pre-contruction interest on self occupied

Overall limit is Rs.1.50,000. So you can claim only 1.50lacs towards pre-construction interest and interst paid for current year.

Uhhh...

In that  case practically there is no chance to claim the pre construction interest for property which has more than say 30L loan.

I do not think the housing fincnace market in india  has interest so low that the total interest falls below 1.5 in first 5 years. Do they?

I am assuming the Pre-Construction interest can nly be clined  ONLY for hte FIRST five years after and including the occupancy year.

Is my assumption correct?

Suppose if you get the possession of the flat in say Current F.Y. 2012-13 then the interest paid upto MAr12 would be eligible for deduction in 5equal installments from F.Y. 2012-13 & onwards till MAr17.

And the interst paid for F.Y.2-12-13 plus 1/5th of the pre-constuction interest subject to an overall deduction of 1.50 lacs only can be claimed from the taxable income.

I have one more related question.

My house construction officially completed in Jan -13 . Till Jan 13 I was staying in rented house.

I claimed exception on Interest paid during FY 2012-13 and HRA till Jan-13. My company is not allowing me to do so.

Any help would be greately apprciated.

Thanks

Gangadhara