Deduction of Interest on Personal Loan
This query is : Resolved
Rajkumar Maheshwari
(Querist)
12 February 2009
Can any one avail Deduction of Interest on Personal Loan taken from ICICI Bank or any other in Inocme Tax.
CA Abhishek Bagaria
(Expert)
12 February 2009
It depends on your source of income.
Assuming 1st, if it is Salary then no dedution allowed.
2nd, if u r having business income then deddution allowed if principal amount is used in business.
Assuming 1st, if it is Salary then no dedution allowed.
2nd, if u r having business income then deddution allowed if principal amount is used in business.
O.D.SHARMA
(Expert)
14 February 2009
No,Not on personnel loan but yes for business nature loans.
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