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Can i save tax?

Faiz Alam (Employee) (68 Points)

23 December 2013

Hello everyone,

I am a salaried person in MNC with a salary of Rs. 5.7 lacs.

I am going to purchase a Plot worth Rs. 3,00,000/-

So, can I cliaim exemption on my salary?

Please guide me. How should I save my tax?

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5 Replies

Vaibhav Jandey (Life iz Hard; I'm Harder) (1175 Points)
Replied 23 December 2013

There is no exemption / deduction avaiable on purchase of plot/piece of land.

Things could have been different if it were a house property.

Dhruvi N suthar (Account Executive) (303 Points)
Replied 24 December 2013

On purchase of Land There is no exemption Benefit available..instaed you invest under 80C like PPF,NSC for rs 1L

Mediclam etc

you can also purchased the house if you want..etc

Thanks

CS BHAVIK HARSHAD SHAH (Company Secretary) (1662 Points)
Replied 24 December 2013

Hello Sir,

For saving tax sir you have to take composite loan that is for land & house construction so after complition of construction you will get the benefit of exemption of tax .

& for recent years you dont have to pay full amount 3Lac in one payment you are relexed to pay the amount in installment so you can take also that benefit.

Thanks

Bhavik Shah

Tax Consultant

S.R.Associates (Tax & Investment Consultants) (115 Points)
Replied 25 December 2013

Sir,

No provision is there in Income tax for exemption on purchasing land.Though if your objective is to construct a house for residential purpose on that plot than go for Bank loan rather than investing your own money.After construction you can enjoy the benefit of Interest as well as principal amount payment.Your own money can be invested in PPF,LIC or Mediclaim etc.

Regards,

S.R.Associates

Tax & Investment Consultants

srassociates0713 @ gmail.com

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