LIVE GST Certification Course by CA Arun Chhajer begins 21st April. Register Now!!

Personal loan interest for tax dedcution

A P Arun (Professional) (28 Points)

16 June 2017

Hi All, I have opted personal loan additionally with home loan for constructing my home. Can I claim the interest paid amount from the personal loan for tax deduction? If so, how many years I can claim it. Thank you.

Reply
Follow
Share

7 Replies

Ajit Hegde (CA - Final) (1367 Points)
Replied 16 June 2017

No. Not allowed

krishan kant pancholi (ca & cs final) (27 Points)
Replied 16 June 2017

not allowed bcoz deduction allowed only housing loan

PRABIR PAUL (*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.) (1443 Points)
Replied 16 June 2017

Interest paid for personal loan is not allowed as deduction U/s 24b...

CA VIRAL SANGHVI (Finance head) (681 Points)
Replied 16 June 2017

Hi,

Deduction shall be allowed irrespective of the nature of loan whether it is housing loan or personal loan from any person/institution.

A P Arun (Professional) (28 Points)
Replied 16 June 2017

Thanks a lot, Viral. I believe i can claim the interest amount in U/S 24b section which i used for home construction purpose.

Poltu Ghosh (Job) (1865 Points)
Replied 16 June 2017

Yes you can claim. It's the end use of loan that matters but not the nature of loan. Just keep the loan certificates and construction bills etc properly to justify the end use of loan.

Vinitha PU (6 Points)
Replied 17 June 2017

Originally posted by : A P Arun
	Hi All, I have opted personal loan additionally with home loan for constructing my home. Can I claim the interest paid amount from the personal loan for tax deduction? If so, how many years I can claim it. Thank you.