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Loan

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 February 2014 My mother has a old house. I am only the son. I want to renovate it. I want to take a load from bank. Can I get deduction from income tax in loan amount and interest?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
21 February 2014 most probably no. anyways there is no deduction for the renovation under 80c. with regards to interest, given that you cannot even be called the beneficial owner of the said house, I find it difficult how you would be able to claim deduction under 24b.
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