Land and house loan

126 views 2 replies

Shine

Mechanical

215 Points Joined June 2017

if I purchase a land and immediately construct a house for myself then can I avail tax benefits for the land and home loan together?

Replies (2)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208788 Points Joined July 2016

Yes, provided the home loan is based on total cost of house, i.e. inclusive of the land cost...

Deduction will be available on whatever housing loan amount ( For land and construction cost) as long as such loan is equal or less than total cost of land and construction.

Tax benefits will be under 24(b) towards interest and repayment under 80C as per maximum ceiling conditions