Section 24b of income tax act

Rajesh Kumar Loya (student) (177 Points)

20 December 2012  

sir/madam,

one of my friend has taken loanof Rs10lacs. 5 lacs is for purchase of land and 5 lacs is for construction. So whether interest on 5 lacs taken for purchase of land is allowable for deduction under Sec 24b.