Short term capital gains tax

I have bought an apartment flat in June 2011 which is still under construction. I have taken ome loan on this property. The possession is possible by August 2012. I may have to sell this flat in a few months which would attract short term capital gains. I was wondering whether it would be valid to consider the interest paid on the loan as a cost to the property and hence Profit = Selling Price - ( Buying Price + Interest paid on Home Loan). Is this correct....