Interest income taxation benefits

Kalyani Srinivas (29 Points)

14 June 2024  

I kept some amount in Bank fixed deposit.My friend asked me that amount as loan for construction of his house.He assures that he will pay the same amount of interest as the bank will give.At present,as a senior citizen I'm getting 50,000 rs deduction from the gross total income under section 80TTB.Can I get the same benefit if I lend the same amount to my friend instead of FD?