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interest on loan for plot of land

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(Querist)
11 June 2010 Is interest paid on loan taken for purcahse of plot of land eligible for deduction u/s 24?
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
15 June 2010 No, No deduction will be allowed for such interest. Deductin will be allowed after consturciton of house property on such plot in five equal instalmemtn from the year in which house is constructed,
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CMA Arif Farooqui

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CMA Arif Farooqui (Expert)
18 June 2010 agreed. u can claim total interest up to date of completion of house property in 5 equal installment but after completion of house.
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