I booked a flat in May2012 ,took loan of Rs. 56 lacs from Bank under subvention scheme;the tower in under construction..to be delivered in 2016. Meanwhile I am paying EMI. The PEMI interest paid by me during 2013-2014 is Rs. 5.8 lacs(Bank's certificate is obtained).My query:
(a) May I get deduction under 24(b) of IT Act in my IT return for AY 2014- 15 ? what will be the amount of deduction?
(b) Will this deduction under 24(b) will be in addition to the deduction I am enjoying under 80CCE ?