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tax exemption on loan taken for purchase of land

This query is : Resolved 

08 June 2011 Dear professional friends,

I took Loan for purchase of land from bank, and i am paying installments every month whether repayment of loan amount is eligible for exemption from tax.

08 June 2011 Dear Kumar,

Since the provision of Sec 24 and Sec 80C are applicable on the "Residential Property" and in your case a Land cannot be considered as a "residential property" so you can not avail the benefit of Sec 24 and sec 80C.

Hope above information shall help you.

With Regards,



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