“LOAN TAKEN FOR PURCHASE OF PLOT – WHETHER ELIGIBLE FOR HOUSING LOAN DEDUCTIONS?”
TAX TALK-21.01.2013-THE HITAVADA TAX TALK BY CA. NARESH JAKHOTIA Chartered Accountant “LOAN TAKEN FOR PURCHASE OF PLOT – WHETHER ELIGIBLE FOR HOUSING LOAN DEDUCTIONS?” Query 1] 1. I have a query. I took a loan from SBI (May, 2012) for Rs. 20,00,000/- for purchasing a residential plot under Govt. scheme. The bank gave me a loan under the realty category. My monthly installment is Rs 24, 465/ but I'm not getting any rebate in income tax. My query is, how I can get the income tax rebate on the interest amount I'm paying to the bank every year. For that, A. Do I need to build one room, kitchen and toilet and then start claiming the income tax exemption? Or B. Should I go for additional loan from the bank to construct a house? My query is, if...
Education plays an important role in the development and growth of nation. Its importance is duly recognised unde the Income tax Act which also offers tax benefit for Education loan: Tax Talk
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