If i purchase a plot of land for construction of residential house property, should i eligible for deduction under sec 80 C for repayment of loan and principal
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Is loan on purchase of land is eligible for deduction under sec 80c
Replies (5)
However, tax benefit of home loan under this section for repayment of principal part of the home loan is allowed only after the construction is complete and the completion certificate has been awarded. No deduction would be allowed under this section for repayment of principal for those years during which the property was under construction.
yes you can, but not unless construction of the house has been completed which shows that deduction is allowed irrespective of the year of payment.
u can also get stamp duty and registration charges under 80C
u can also get stamp duty and registration charges under 80C
Payment of principal and interest during construction period can be claimed in six installments after construction is completed.
agreed with Mr. Vemala
I think not 6 its 5 instalments
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