Please if someone could clarify the below query.
Is Interest on Loan allowed as deduction while computing Income from house property, if the loan is taken for buying Residential plot and not for construction?
And also if the principal repayment is allowed u/s 80c of the above loan repayment?
Thanks.
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Interest on Loan for residential Plot
Replies (2)
As per income tax law, no deduction can be claimed in your case, because the deduction is available only for residential HOUSE i.e. BUILDING and residential plot is not be considered as house
Thanks
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