Land loan tax exmption


#1

I’m planning to take land loan, Will I get tax benefits?


#2

Hi,

Land loans are not eligible for tax benefits. However, you can claim tax benefits if you take a composite loan (plot cum construction loan). To avail income tax benefits, you will have to complete the construction within 5 years of purchase of the plot or 5 years from the time you avail a composite loan, whichever is earlier. You can claim tax deduction under Section 80C.

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BB Expert