If I take a loan for repairing or extending the house which I am staying, can I get any income tax exemptions?
In this case the house is situated in the land belongs to my mother. She has already prepared the will stating that the land and house will come to me on her death.
My Tax consultant says no chance to get any tax exemptions since the land is in my mother’s name and not in my name. But for the similar situation one of my friend was told by a bank that 50% income tax exemption can get.
Can you please confirm that, whether I can get any kind of income tax exemptions in this case?
CAclubindia
