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income tax rebate on residential plot loan


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?   

 
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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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