I want to buy a Residential plot, for that purpose i'll take loan. I want to know that whether am i eligible to take benefit of
Sec 80C: Repayment of principle amt.
Sec 24(b): Interest on loan repayment.
In my opinion i m not eligible as to take benefit of this, loan should be taken for purchase, construction, repair, renewal, or reconstruction of building.
Loan taken for the purchase of residential plot should not be eligible to take benefit of income tax.
Query (2) If i took a loan for purchase of residential plot and started construction on it and construction is completed within 3 years... Then after 3 years m i eligible to take the benefit of interest paid on said loan..
Thanks & regards
CMA Sachin Chutani
CAclubindia
