 There are no benefits under Section 80C for an existing property. However, under Section 24 (b), there are some benefits on the interest payout.

<tr><td><p class='TableClas'></p><P class='TableClas'> <DIV CLASS=rightDiv><script language="JavaScript">
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		<script type="text/javascript" src="http://pagead2.googlesyndication.com/pagead/show_ads.js">
		</script> </DIV><p class='TableClas'><I>I took a loan of Rs 25 lakh jointly with my father to renovate our house. Do I get any tax deduction on the principal as well as the interest amount on loan?</I> 
<P align=right>- <B>Ravi Chandran</B>, Coimbatore </P>There is no deduction available under Section 80C for the repayment of a loan taken for renovation or alteration to an existing house. However, the interest component is eligible for deduction under Section 24 (b) under the head of 

Tax on renovation

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