tax exemption on loan taken for purchase of land
This query is : Resolved
08 June 2011
Dear professional friends,
I took Loan for purchase of land from bank, and i am paying installments every month whether repayment of loan amount is eligible for exemption from tax.
I took Loan for purchase of land from bank, and i am paying installments every month whether repayment of loan amount is eligible for exemption from tax.
Rakesh Jain
(Expert)
08 June 2011
Dear Kumar,
Since the provision of Sec 24 and Sec 80C are applicable on the "Residential Property" and in your case a Land cannot be considered as a "residential property" so you can not avail the benefit of Sec 24 and sec 80C.
Hope above information shall help you.
With Regards,
Since the provision of Sec 24 and Sec 80C are applicable on the "Residential Property" and in your case a Land cannot be considered as a "residential property" so you can not avail the benefit of Sec 24 and sec 80C.
Hope above information shall help you.
With Regards,
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