This was my understanding only and I also respect views of all learned fellow members. I shall be grateful if somebody could share the provisions where the Act restricts "under construction property", "Complete and capable of earning income" from claiming the exemption u/s 24(b).
The assessee has already started paying the EMIs and possession of the property would be delivered within next six months. The Certificate issued by the Bank states as under"
"Interest payable for the pre-acquisition or pre-construction period can also be claimed as deduction in five
equal instalments beginning with the year the house property is purchased or constructed in accordance with
and subject to fulfillment of conditions prescribed in section 24(b) of the Income-tax Act, 1961."