House Property Interest

This query is : Resolved 

30 April 2009 sir,
I have purchase land through Loan for Construction of House,but now i did not constructed the House and i am repaying the loan of my with interest.
can i Interest benifite u/s 24b and Principal Benifite u/s 80C.
please confirm.

30 April 2009 Interest u/s 24b cannot be allowed as there is no house. however principal repayment will be qualified u/s 80C.

30 April 2009 sir,
after complition of home,land interest have to exemption or not


01 May 2009 Interest on house property for pre- construction period shall be allowed( in 5 equal installments) for the period during which the construction was in process. If the land was lying vacant and no construction was carried on it , interest for the period shall not be allowed



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