The pointwise reply is as follows 1.The annual principal will be deductible under Sec 80C within the ovarall limit of Rs 1 lac along with other investments.The interest will be fully deductible while computing income from house property. 2.No deduction of interest for plot of land.Once the construction of the house thereon is complete,interest for pre construction period will be allowed in 5 years in equal instalments begining with the year in which construction is complete. 3.For rent paid by you,if you get HRA,then also provide us the figure of HRA received by you and also your salary on which your mandatory PF contribution is calculated.If you do not get HRA,you will get deduction under Sec 80GG upto Rs 24000 per annum.But for that you or your family members should not own any residential accommodation where you reside and also,you,yourself,should not own any residential accommodation which is treated as self occupied under income tax law,anywhere.
