Interest on land purchase

This query is : Resolved

Shashi Kumar C.G. (Querist)
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24 July 2008 Could I claim interest on loan taken for purchase of land/plot as deduction Under the head Income from House property?

Thanks
Shashi

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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24 July 2008 If it is house then you can certainly claim deduction upto Rs 150000 if loan is for renovation of house and upto Rs 30000 (if loan is for repairs).
But in your case it is Land so you can not claim deduction under head Income from House Property.

Shashi Kumar C.G.

Shashi Kumar C.G. (Querist)
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25 July 2008 Sir,

Thankyou very much for ur reply.

Shashi

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