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Deduction on personal loan taken for construction

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This query is : Resolved

Divya (Querist)

23 April 2015 Hi All,

I have taken personal loan & I am a salaried individual. The loan I have taken is for the construction of house, because in our area home loan is not granted.

Can I get deduction in Income tax under any of the section.

Please suggest.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

23 April 2015 Personal loans are not eligible for deduction under Income tax. for Interest u/s.24(b) you can take deduction provided, you can get the certificate from the lender for the stating that the purpose of loan for housing, you can justify and take deduction

In related to principal amount under sec.80C. only housing loan from notified banks/institutions will be eligible, so personal loan not eligible

Message likes : 1 times

Divya

Divya (Querist)

24 April 2015 Thanks a Lot. Your reply was really helpful.

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