TAX TALK-21.01.2013-THE HITAVADA TAX TALK BY CA. NARESH JAKHOTIA Chartered Accountant “LOAN TAKEN FOR PURCHASE OF PLOT – WHETHER ELIGIBLE FOR HOUSING LOAN DEDUCTIONS?” Query 1] 1. I have a query. I took a loan from SBI (May, 2012) for Rs. 20,00,000/- for purchasing a residential plot under Govt. scheme. The bank gave me a loan under the realty category. My monthly installment is Rs 24, 465/ but I'm not getting any rebate in income tax. My query is, how I can get the income tax rebate on the interest amount I'm paying to the bank every year. For that, A. Do I need to build one room, kitchen and toilet and then start claiming the income tax exemption? Or B. Should I go for additional loan from the bank to construct a house? My query is, if I go for "A", will I get the income tax exemption? Or if I go for option "B", will I get exemption on the new loan only or whether it will be addition of t
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