Am a salaried employee and would like to take Land Loans for purchasing lands for appreciations..Will i get tax benifit same as home loans.Pls provide with with the details persists in india.
2006-11-14 22:32:30 · 6 answers · asked by bv_satishkumar 1 in Business & Finance ➔ Taxes ➔ India
CITI bank, ICICI,HDFC and some other banks are offering loans for purchasing plots.
2006-11-14 23:27:42 · update #1
I do not think so.
The loans given by banks for the purchase of plots are meant for the construction of house on it. They will not give any loan for just land/plot purchase.
2006-11-15 01:02:37 · answer #1 · answered by Anonymous · 1⤊ 0⤋
As far as i know banks (at least government banks) do not give loans for purchase of land alone. They finance the whole project which includes purchase of land and building a house on it. Interest charged on housing loans and repayment of housing loans are eligible for tax exemption.
2016-03-28 06:17:40 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I doubt,whether a bank does give a loan to buy a land??
ARE U SURE? If yes, i am also interested!!!
2006-11-14 22:45:36 · answer #3 · answered by Fun 2 · 0⤊ 0⤋
Ya its comes under 24D same as house loan
2006-11-14 23:23:25 · answer #4 · answered by Subhrangshu m 3 · 0⤊ 0⤋
Absolutely No. no tax benefit will be there for it. I am 100% sure
2006-11-16 17:38:14 · answer #5 · answered by abcdefg 5 · 0⤊ 0⤋
I think yes, but it will better if u consult with ur bank
2006-11-14 22:43:18 · answer #6 · answered by Sonu Raja 3 · 0⤊ 0⤋