I am a salaried individual looking to buy a plot of land and build a house on it later. I don’t have any other housing property in my name. What conditions do I need to meet to avail a housing loan and tax benefits for this purchase? —Vidit Shah
You are eligible to claim a tax deduction against annual value of a house property in respect of the interest paid by you on a home loan taken to purchase the land and construct a property thereon. Further, a tax deduction for repayment of housing loan under Section 80C of the income tax Act is available.