Land loan tax benefits?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2012 i m a salaried person and i have purchased a plot of land [township property] financed through a land loan from bank.The possession of the plot will be transferred after 6 months.i have started paying the EMI's of the said loan.i will construction the house on the said purchased plot after 3-4 yrs by taking another loan for construction.

can i avail any tax bebefit on the land loan that i have taken for the purchase of plot in present?
please mail me at shraddha625@gmail.com

Amol S Joglekar

Amol S Joglekar (Expert)
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06 August 2012 No income tax benefit on LAND loan. (By the way can you please disclose the name of the bank financing LAND)

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2012 the land loan is finance by HDFC

Amol S Joglekar

Amol S Joglekar (Expert)
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06 August 2012 Then it must be under the affidavit of plot plus bungalow.

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2012 no only the sale deed of the transaction n NOC from owner of the plot from i purchased at present.
affidavit and other documents will be submitted once the deal gets full and final,rite now some payment and documents is pending
please mail me the whole explanation regarding the tax benefits available for current status and for the following condition :-

if in future around after 3 to 4 years i construct a house on that plot n again
a)take a loan for construction?
b) don't take any loan for construction?

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