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mayur chandak (Querist)
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24 June 2011 sir i want to know that if taken any personal loan from bank then it is benefit in income tax return or like house loan get benefit like that i can get by taking personal loan ?

DEEP SINGH TOMAR

DEEP SINGH TOMAR (Expert)
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24 June 2011 There is no benefit of personal loan
The benefit of housing loan is availabe under section 24(b) interest maximum 1,50,000/-in case of self occupied house
if house is on rent there is no maximun limit

The amount of principal amount under 80C maximum Rs.1,00,000/-

Main condition to avail the benefit of Housing loan

- assessee is ower of the propery
-the possession the property
-loan with the name of assesee
-loan paid by asseess

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