Land and building-tax benefit-salaried individuals.

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 

Replies (1)
Dear Madhusudhanan, As per Sec-24(b) interest paid for acquiring any property shall be allowed in case property is used for own residence:- upto Rs. 1,50,000 in case the assessee provide a certificate from the borrower or upto Rs.30,000 in case no certificate has been provided. However if the property rented than whole interest amount is allowed to be deducted.

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