I've a question about home loan on an under construction property in April`14. The loan disbursed in full and I am paying full EMI. Building is yet to complete.

My question is that whether I'll be able get tax benefits of these pre EMIs (paid before possesion) in 5 consecutive years after possesion or not? I ve heard somehere that if possession doesn't happen in three FYs then total interest component is reduced to 30,000/- only for entire loan tenure.

Pls clarify.Thanks
Ankit

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