tax exemption on loan taken for purchase of land

This query is : Resolved

kumar (Querist)
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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.

Rakesh Jain

Rakesh Jain (Expert)
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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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