Loan for purchase of land
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 December 2011
One of our staff took loan from nationalised bank for purchase of land .Whether interest and principal repyment can deduct from his IT computation.
05 December 2011
No deductions will be done while doing income tax calculation. However if u have taken house or construct a house, you can avail interest deduction u/s 24 and principal repayment u/s 80c.
Thanks,
CA M Sreenivasa Rao.
Thanks,
CA M Sreenivasa Rao.
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 December 2011
Land which he purchased is urban land for construction of house
06 December 2011
Loan taken for construction of House is eligible for U/s 80C and Interest also will be allowed as deduction U/s 24.
Please let me know if u have any doubts.
Thanks,
CA M Sreenivasa Rao.
Please let me know if u have any doubts.
Thanks,
CA M Sreenivasa Rao.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Transfer of Physical Stock Between Two Proprietorship Concerns
- EPF ECR NEW RULES Sep 17th 2026
- Taxation of crypto futures in India Fy 2026- 2027
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
