A.N.VERMAS (lecturer ) 22 January 2013
IN APRIL 2012 I AVAILED A LOAN OF 7 LACS FOR PURCHASING A RESIDENTIAL PLOT UNDER SBI REALTY WHICH I WANT TO CONSTRUCT. I HAVE BEEN GIVEN TWO YEARS BY THE BANK TO START CONSTRUCTION. I WILL START CONSTRUCTION IN THE YEAR 2014.
1. AM I ELIGIBLE FOR TAX BENEFITS FOR THE FINANCIAL YEAR 2012-13 ?
2. IS IT SAME LOAN AS WITH TH HOME LOAN ?
3. WHAT BENEFIT THIS LOAN CAN GIVE ME IN INCOME TAX?
Gaurav Gulati (CA) 01 February 2013
Dear Sir,
As such no rebate is available in Income Tax on residential plot loan. Had you invested in plot in order to get capital gain exemption u/s 54 or 54F, the same will be available if the construction is done within the specified time limit. Else no benefit is available u/s 24 or 80C against residential plot loan.
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