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Mihir Tanna  |1033 Answers  |Ask -

Tax Expert - Answered on Dec 16, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
Asked by Anonymous - Dec 09, 2023Hindi
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Hi, I have bought a residential land from Godrej in Faridabad for which I have taken a Plot Purchase Loan of 48 Lakhs. I plan to build a house on that land in next 2 years and have also signed an agreement with Bank for that. I am a salaried employee. Would this loan be eligible for Tax savings on Principle and Interest.

Ans: Interest paid on housing loan is eligible for deduction after completion of construction. Amount eligible for deduction will depend on usage of property (i.e. for self occupation or for giving it on rent or deemed let out).

Principle repayment is eligible for deduction u/s 80C of the act.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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