Claiming tax exemption on home loan for buying a plot.

[Gangadhar Bodla]

I have taken a home loan to purchase a open plot.I have not yet started construction of the house on this. Can I claim tax exemption for the principal and interest amount I am paying to re-pay the loan.

AI Summary

Interest on Home Loan for Plot Purchase: Claim Deductions in 5 Installments Post-Construction Completion An individual inquired about claiming tax exemptions on a home loan taken to purchase an open plot, despite not having started construction. The response clarified that interest paid on the home loan before construction completion can be aggregated and claimed in five installments over five years starting from the year construction is completed.