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.
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