I bought one under construction flat in 2010 in Indiabulls green project chennai and still it is not completed. Now indiabulls offered 12% discount for advance full money payment (ADF )scheme through indiabulls housing finance. If I accept the scheme, EMI will start immediately for the entire loan amount..Based on the current progress , i hope the construction will be completed after 4 to 5 years only.
pl clarify the below points to take a decision.
How Income tax dept will consider this EMI - Is it Pre EMI or regular EMI?
Shall i claim interst for the EMI ( interest & pricipal ) in the current year?
Suppose if the construction is not completed within 3 years, what will be the eligible amount for interest deduction under the section 24b?
CAclubindia
