Loan taken for purchase of plot...

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Chitale Road (Querist)

05 September 2016 I am Taken Loan For Purchase Of Plot For Residence Rs.15 Lacs Since F.Y. 2014-15. Please Tell I am Eligible For Deduction Of Interest And Repayment Of Housing Loan in detail...

CA MANISH SAXENA

CA MANISH SAXENA (Expert)

05 September 2016 Interest up to 2 Lac as per Section 24(b) and for Principal max 150000 as per section 80C.

Thanks!

Chitale Road

Chitale Road (Querist)

07 September 2016 Sir Please I Am Reconfirmed The Above Query That I Am Purchased Only Plot And Neither Any Under Construct The House Nor Any Construction Completed Property.. Still i Am Able to Received Above Deduction Please Tell Me As Early As Possible.

CA MANISH SAXENA

CA MANISH SAXENA (Expert)

07 September 2016 Hi ,
1. Deduction towards the Interest on Housing loan u/s 24(b) & towards repayment of the principal portion of housing loan u/s 80C is available in respect of loan taken for purchase or construction of the house property.
2. The loan taken merely for purchase of plot would not be eligible for deduction, neither u/s 24(b) nor u/s 80C.

Thanks!

Chitale Road

Chitale Road (Querist)

08 September 2016 Flat purchased rs. 18 lacs whether shown in balance shhet...under the head of immovable property I am filling the ITR 4...

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