Interest on personal loan
Ketan (Accounts Manager) (31 Points)
13 June 2016
Dear Team
Thanks in Advance..
You are requested to let me know is Interest on Personal is exempted in U/s 80C ?..
subhash kumar jha
(PROFESSION)
(445 Points)
Replied 13 June 2016
No.
Repayment of principal amount of housing loan is allowed as deduction under setion 80C
Interest on housing loan is allowed as deduction under section 24B
Ketan
(Accounts Manager)
(31 Points)
Replied 13 June 2016
Dear Subhash
Thanks...
It means EMI (Including Interst) of Personal loan is not allowed...
the said expemtion is not possioble while filing personal Return ???
subhash kumar jha
(PROFESSION)
(445 Points)
Replied 13 June 2016
sir it depends upon nature of loan i.e. if educational loan then interest will be allowed as deduction under section 80E, if housing loan then interest will allowed as deduction under section 24B and repayment of principal will be allowed as deduction under section 80C
for other loan no deduction.
So say the purpose of loan.
Tgank U
CAclubindia
