11 November 2015
Hello sir Myself and my sister is planning to construct in my mother's property at Bangalore. We were planning to take housing loan in the name of myself, my sister and my mother as the garentee . Will me any my sister be able to avail for tax benefit? If no, can you please suggest a way to avail tax benefit for the housing loan without partitioning the land/ giving full right of the land to my mother?
12 November 2015
Normally under such situations, the land is LEASED to you and your sister in which right to build, construct, erect building over the leasehold land is also given by youir mother to you and your sister, subject to, however, Bengaluru rukes (A khata B khata etc.)
In that case, since the house property ( viz building) is owned by you and your sister respectively, the tax benefits can be very well enjoyed by both of you.
CAclubindia
