Interest on Loan and Principal amount - Deduction

This query is : Resolved

Deepa (Querist)
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17 January 2022 Interest on Home Loan deductions are available u/s 24 for residential house property and
Principal on home loan can deducted u/s 80C for residential house property.

1. Is Interest on Home Loan u/s 24 and Principal on home loan u/s 80C are available for purchase of land ? (vacant land, on which construction would be done after few years and which is not used for agricultural purposes).

2. Is Interest on Home Loan u/s 24 and Principal on home loan u/s 80C are available for purchase of land which is used for agricultural purposes.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 January 2022 1 Available only after completing construction.
2 Not available.

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