DEDUCTION U/S 24 - INT. ON LOAN

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Taroon Sharda (Querist)
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26 May 2007 Dear sir/madam, pls. clarify that can i claim deduction u/s 24 to purchase a plot of land in a residential area on which construction is to be done later on? Secondly is possession complusory to claim the deduction? moreover if bank issues the certificate u/s 24 then whther i have to fullfill the above clauses or not? Sir pls. clarify it in detail as my employer is not accepting the certificate issued from bank on the ground that possession is complusory.

PR Choudahry

PR Choudahry (Expert)
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10 June 2007 no u can not claim u/s 24 as there is no house propertu & plot of land is not governed under definition of the house property