Tax benefits for loan for purchase of plot for ultimate construction
vinaykala
(Querist) 20 February 2013
This query is : Resolved
dear sir,
i have takeen a housing loan of 20 lacs to part finance purchase of a plot in dlf garden city , lucknow wherre the stated purpose in the agreement is that it will be township where the purchaser shall have to buildd a house within two years of possession.the possesion is due in jan 2014.\
in short while today the loan is for a plot it is for ultimate construction.
my query is
1. Do i get tax rebate for replayment?.
2. do i get tax breaks for interest paid on loan?.
3. If so kindly give details. the house proposed to be made in 4 years from now shall be used for my residence.
i own another house in the same city jointly with wife, with wife as the first owner.
kindly advise sir
vinay kala feb 20,19
Raj Kumar Makkad
(Expert) 20 February 2013
If you have already a residential house with your wife, you are not entitled to claim the desired relief.
