Hi,
Is there any condition to avail housing loan interest benefit with respect to Land & built up area.
For example loan taken for purchase of Land 2400 sq ft out of which built up area 300 is sq ft is planned.
Will housing loan interest benefit available for entire portion (Both land & Building)
Regards
K.Madhusudhanan
Dear Madhusudhanan
Dear is no such criteria regarding the area of the house for claiming deduction of interest.
Deduction of Interest is allowed on the basis of the fact that is the house self-occupied or not. No other criteria.
For detailed explanation refer: https://www.charteredclub.com/tax-benefit-on-home-loan/
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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