my friend has purchased a site in corporation area. Site was registered his name the registration expenses can claim as deduction in the salary & He loan taken for site purchase he can claim interest as deduction or not please give suggestion.
03 February 2014
He cannot claim 80C claim as well as deduction u/s 24B for interesr paid . . Above deductions available only on loan taken for purchase or construction of house..and hence same is not available for purchase of site alone