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Interest u/s 24 allowable on plot loan

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(Querist)
13 July 2016 Whether deduction of interest u/s 24 is allowable on loan taken for purchase of plot?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
13 July 2016 Yes. eligible but you cannot claim now, you have to wait till the construction of house in that plot, once completed, you can claim that as preconstruction interest in 5 installment

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