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Section 24
May I take deductions of plot purchase loan in this section.. ??????
Replies (5)
No. Can't take deduction u/s 24(b)
Deduction u/s 24 (b)-
Interest on borrowed money for the construction of house property .
Interest on borrowed money for the construction of house property .
thank u
no ......
no you cant claim the interest paid on purchase of land under house property however your can consider it as the cost of plot of land, supporting cand be derived from the following judgement: Challapalli Sugar Ltd vs The Commissioner Of Income Tax, ... on 31 October, 1974
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