Can i save tax?

There is no exemption / deduction avaiable on purchase of plot/piece of land.

Things could have been different if it were a house property.

On purchase of Land There is no exemption Benefit available..instaed you invest under 80C like PPF,NSC for rs 1L

Mediclam etc 

you can also purchased the house if you want..etc

Thanks

Hello Sir,

For saving tax sir you have to take composite loan that is for land & house construction so after complition of construction you will get the benefit of exemption of  tax .

& for recent years you dont have to pay full amount 3Lac in one payment you are relexed to pay the amount in installment so you can take also that benefit.

Thanks

Bhavik Shah

Tax Consultant

Sir,

No provision is there in Income tax for exemption on purchasing land.Though if your objective is to construct a house for residential purpose on that plot than go for Bank loan rather than investing your own money.After construction you can enjoy the benefit of Interest as well as principal amount payment.Your own money can be invested in PPF,LIC or Mediclaim etc.

Regards,

S.R.Associates

Tax & Investment Consultants

srassociates0713 @ gmail.com

https://www.facebook.com/pages/SRAssociates/600829063295496

Cell:9685595760

If you want to buy a plot for investment purpose, then you may go ahead. But there isn't any deductions available from it.