I have taken top -up loan on my home loan and I have used that money to buy a plot and that plot is agriculture plot.I have bought that plot for future purpose to construct the home and that comes under survey no. so Question is that, Top-up loan interest amount will comes under tax exemption under section 24 or not ?
1 Answers
Hi,
I believe that a loan taken to buy an Agriculture plot is not eligible for claiming tax benefits u/s 24.
Read:
http://www.relakhs.com/top-up-loans-vs-personal-loans/
http://www.relakhs.com/agricultural-income-land-tax-treatment/
http://www.relakhs.com/understanding-tax-implications-of-income-from-house-property/
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