I took a loan of Rs 25 lakh jointly with my father to renovate our house. Do I get any tax deduction on the principal as well as the interest amount on loan?
- Ravi Chandran, Coimbatore
There is no deduction available under Section 80C for the repayment of a loan taken for renovation or alteration to an existing house. However, the interest component is eligible for deduction under Section 24 (b) under the head of