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.
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
- Depreciation of fixed assets- coop housing society in mumbai
- TDS on Consultancy- Non DTAA
- Reopen of assessment proceeding
- EPF FULL & FINAL RULES IN 2026
- Rental income gst and it purpose
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- 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
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
