Section 24 includes the interest paid on any loan taken for the purchase, renovation or reconstruction of a house. "The tax laws do not specify that only interest on a 'housing loan' would be eligible for deduction," Even loans taken from friends or family members are eligible for deduction under Section 24. The query on above provision is: Whether it is compulsory to have title deeds of property registered in the name of person claiming deduction.
Please clarify, if the title deed is registered in the name of father and daughter has taken personal loan Who will be eligible for deduction of interest on personal loan.
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