Is a Plot/Site loan eligible for tax exemptions under home loan category?

POSTED BY Kunal D ON March 8, 2013 12:22 pm COMMENTS (2)

Hi,

    Is a Plot/Site loan eligible for tax exemptions under home loan category?

I intend to purchase a site and construct a home later – say after 5~6 yrs from now.

I will not go in for a composite loan as it has the conditions of starting construction in 18 months.

Kindly advise.

Regards,

Kunal

2 replies on this article “Is a Plot/Site loan eligible for tax exemptions under home loan category?”

  1. Credexpert says:
    March 9, 2013 at 3:20 pm

    Dear Kunal,

    No, plot or site loan would not be eligible for tax exemption under home loan category.

    Regards,
    Credexpert

    Reply
  2. Ashal Jauhari says:
    March 8, 2013 at 12:32 pm

    Dear Kunal, no as there is no home, no tax benefit. As simple as that. To get the benefit of loan interest, there should be a house constructed upon the plot.

    Thanks

    Ashal

    Reply

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