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House Property Interest

This query is : Resolved 
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(Querist)
30 April 2009 sir,
I have purchase land through Loan for Construction of House,but now i did not constructed the House and i am repaying the loan of my with interest.
can i Interest benifite u/s 24b and Principal Benifite u/s 80C.
please confirm.
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
30 April 2009 Interest u/s 24b cannot be allowed as there is no house. however principal repayment will be qualified u/s 80C.
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Sukanta Das

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Sukanta Das (Querist)
30 April 2009 sir,
after complition of home,land interest have to exemption or not
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
01 May 2009 Interest on house property for pre- construction period shall be allowed( in 5 equal installments) for the period during which the construction was in process. If the land was lying vacant and no construction was carried on it , interest for the period shall not be allowed
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