Tax against property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 August 2012 Hi,

I have purchased a plot.Due to some paper problem I took Rs. 3 Lacs personal loan for 4 yrs. duration.

Is there any provision/way to get rebate against personal loan for plot purchase?

Please guide.

Amol S Joglekar

Amol S Joglekar (Expert)
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11 August 2012 No such provision under income tax. There is some provision of debt owed under wealth tax.

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2012 Sir would you please elaborate debt owed under wealth tax.How I can get rebate under that?

Amol S Joglekar

Amol S Joglekar (Expert)
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24 August 2012 under wealth tax the NET wealth is counted for calculating the taxes. This is not so under Income Tax.

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