plot loan tax benefit
This query is : Resolved
07 May 2008
I have purchased a residential plot and for that I have taken a loan from the LIC Housing Finance Limited.
My queries are as under:
1. Whether the principal amount paid during the year is eligible under Section 80C of the IT Act.
2. Whether the interest paid during the year is eligible under Section 24(b) of the IT Act.
My queries are as under:
1. Whether the principal amount paid during the year is eligible under Section 80C of the IT Act.
2. Whether the interest paid during the year is eligible under Section 24(b) of the IT Act.
07 May 2008
Dear Sandeep,
You are eligible u/s both 80 C as well as 24(b) as long as there is no work (modification) during this time.
You are eligible u/s both 80 C as well as 24(b) as long as there is no work (modification) during this time.
07 May 2008
I think my friend missed to type the word "not" while answering.
in my opinion
1) interest u/s 24(b) is allowable only after completion of construction of house property
2) deduction of principal u/s 80C is also avalibale after completion of construction
in my opinion
1) interest u/s 24(b) is allowable only after completion of construction of house property
2) deduction of principal u/s 80C is also avalibale after completion of construction
07 May 2008
deduction u/s 24 (b) is not available till the completion of house.
08 May 2008
I fully agree with the views of Mr. Tyagi and Jitender. There is a provision in the act that If u purchase plot for construction of House, I understand there is a seperate provision/rule for this type of transaction which provide a condition that you may have to give an undertaken to construct the hose within specified period. But I am not sure about exact period, entilement.
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