Income tax

Bhup Kulkarni (Querist) 28 August 2014 This query is : Resolved
Dear Sir,

I would like to know about that under income tax act is there any provision for Loan interest and principle amount (under 80 C)for open plot and not house can claim for exemption?

Regards,

Rahul

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malipeddi jaggarao (Expert) 29 August 2014
No exemption for open plot repayments either principal or interest.

T. Kalaiselvan, Advocate (Expert) 31 August 2014
Income tax exemption under the prescribed sections will be available for the loan principl and interest repayments.

Anirudh (Expert) 31 August 2014
I agree with the views of Mr. Jagga Rao, that there are no exemptions available for open plots.

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