Housing Loan Interest

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vikas (Querist)
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15 January 2011 I am planning to buy a residential plot, with an idea to claim interest payable exemption from my salary income and capital repaid exemption

I need to know :-
1. Is the exemptions available if I purchase a residential plot
2. If yes, then to what extent
3. If no, then if I plan to purchase a flat, and give it on rent, then, since the city of work and city of plot/falt shall be different

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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15 January 2011
While purchase residential plot through Housing loan you can claim Interest u/s.24 Rs.1.50 lakh maximum for Self occuiped & actual interest for Let out property.

vikas

vikas (Querist)
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15 January 2011 and what about capital repayment

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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15 January 2011 Yes, Capital Repayment can be claimed u/s.80C subject to maximum of Rs.1 lakh in any cases whether Self occupied or Letout property

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CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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15 January 2011 Yes.. you can claim the benefit under section 80C upto a max of Rs. 100000/-

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CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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15 January 2011 Dear Vikas,

Please also see my last update on your query :

https://www.caclubindia.com/experts/house-rent-566375.asp

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vikas

vikas (Querist)
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15 January 2011 Thanks for helping me take my decision

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