Interest on Loan and Principal amount - Deduction
This query is : Resolved
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.
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.
17 January 2022
1 Available only after completing construction.
2 Not available.
2 Not available.
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