Deduction on personal loan taken for construction
This query is : Resolved
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.
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.
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
In related to principal amount under sec.80C. only housing loan from notified banks/institutions will be eligible, so personal loan not eligible
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