You can get tax break on home renovation loan

YOUR QUERIES: INCOME TAX

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•Will a loan under home renovation qualify for tax break under Section 80C and Section 24 under the old tax regime?

A loan taken specifically for renovation or repair of an existing house is eligible for deduction under Section 24(b). The deduction is capped to an aggregate of ₹30,000 if the property is self-occupied. However, principal repayment of such a renovation loan does not qualify for deduction under Section 80C, since the benefit under Section 80C applies only to loans taken for purchase or construction of a residential property.

• Will movable and non-movable assets received as inheritance under a Will be taxable in the hands of the recipient?

—Pradeep Kumar