I and my brother have purchased a land in our mother’s name. Now we are planning to take a housing loan for construction. Please suggest how we (I and my brother) can claim income tax benefit on this housing loan?
You can claim income tax relief if you get loan in your name.
Avail the loan from the bank which shall agree to grant loan for construction on land owned by your mother.
Prefer nationalized banks and lender which do not levy foreclosure charges. Compare the offer from all banks/LIC housing finance carefully.
Does that mean I need not to be a co-owner of the land to claim tax benefit for the house construction?
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