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Personal loan interest

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(Querist)
24 July 2014 Somebody have some fixed deposits and getting interest from that, interest is an income for the tax payer that will added to taxable income if against the FD he takes some loan and paying interest, interest is deductible from income or not?

(Personal loan not taken for own house)
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
24 July 2014 No. Such interest is not deductible for Individuals. It's deductible only in case of proprietorship business.
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Rupesh Jain

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Rupesh Jain (Expert)
02 August 2014 no its is for his personal exp. not claimable under income tax act.




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