Sir, under section 24 (b), i have renovated my ancestral home. May i claim on interest of the loan when the loan is of my name but the property is of my father name and he is totally dependent on me.
Ans: As per income tax provision, deduction for housing loan is available if person who own a house take a loan and make repayment of the same. In your case, as property is owned by father, you can not take deduction of loan.