Deduction against personal loan

This query is : Resolved

SHANKAR DAYAL TIWARI (Querist)
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22 December 2013 I have my income only under the head SALARIES. Can I get deduction against Personal Loan taken from bank (SBI)? If no, why and if yes, under which section?

@VaibhavJ

@VaibhavJ (Expert)
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22 December 2013 Hi,

If you have taken loan for repairs & maintenance of your owned home then only you can deductions upto Rs. 30K otherwise there is no provision for granting exemption against repayment of personal loan.

Thanks//VaibhavJ

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