POSTED BY February 2, 2014 5:22 pm ONE COMMENTON
I am due to retire in a month and have outstanding loan of more than 6 lakhs. Since the current interest rate is too high, I am planning to prepay it. Can i avail income tax benefit on this? Alternatively, Can I ask my son to repay it in one lump sum. he is not co-owner. will he get tax benefits. Please suggest good solutions. Thanks in advance.