I have purchased under contruction flat with loan and I will get the possession by Dec 2012. My EMI is already started from April 2012.
My question is, Will the 80C and 24B benifit calculated after date of possession or I can clame the benifits for entire FY(ie from April 2012) and within same FY 2012-13. ie can I clame the 80C and 24B benifit for the current year.
I come to know from other source that I cannot clame benefit on the Interest that has been paid before possession within same FY. I will have to claim the interest benefit in 5 equal installments starting from the FY in which the construction of the house ends and I get its possession. Is it true?