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..........?
Menu
Dedcution of Interest For Renovation of House
Replies (3)
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.
Agreed with Mr. Mahesh Kumar
I second Mr.Mahesh...
Recent Threads
- Login credentials and payment acknowledgement not
- Export sales not realised payment not received fro
- Capital gain account amount utilisation
- Form 26QB – Section 194-IA: TDS on Full Cons
- Indexation Benefit available or not on Calculation
- Documents for return exhibition material
- Can I set off equity losses(both short term loss a
- Input tax credit on rent to rent
- Family Pension Army
- Waste Management services
Related Threads
CAclubindia
