IT Deduction Query

Hello Everybody!

I have a query about deductions allowable from your gross income in computing the taxable income for FY2007-08.

I had been allotted a piece of land from the Government Housing Board for which I had to pay Rs.3000/- per month from June'2007. Can I claim it as an allowable deduction from Gross Salary?

When Housing Loan repayments are fully exempt? and from which sources?

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