I am planning to borrow house renovation loan. But the house is in my native place and in the name of my mother.
Kindly advise me whether this amount will qualify for tax exemption..........?
Vikas Marele (CA in Service) (1144 Points)
24 March 2011
Maheshkumar Sharma
(CA)
(134 Points)
Replied 24 March 2011
THE IMP. CONDITION OF TAXABILITY OF INCOME UNDER THE HEAD HOUSE PROPERTY IS THAT ASSESSEE SHOULD BE OWNER OF THE HOUSE PROPERTY.
SO U CANT CLAIM THE EXP. AS DEDUCTION.
INSTEAD TAKE THE LOAN IN THE NAME OF MOTHER AND CLAIM EXP, IF SHE IS A ASSESSEE.
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