Income tax
This query is : Resolved
CA sandesh Dabhade
(Querist)
22 September 2008
Can we get the deduction of personal loan while calculating the taxable income for salaried person & what is a treatment of interest on personal loan ?
22 September 2008
Personal loan and interest thereon will not be considered for computing taxable income of a salaried person.
22 September 2008
No
22 September 2008
no
sivasankar
(Expert)
22 September 2008
Hi,
You can deduct the interest regarding personal loan when such loan is used for something which generates taxable income.
But If you use your loan for family expenses only then you cannot deduct the interest from your salary.
But if you use that loan to build a house or addition of rooms in your existing house then you can claim it as loss from house property.
regards
sivasankar
advocate
You can deduct the interest regarding personal loan when such loan is used for something which generates taxable income.
But If you use your loan for family expenses only then you cannot deduct the interest from your salary.
But if you use that loan to build a house or addition of rooms in your existing house then you can claim it as loss from house property.
regards
sivasankar
advocate
22 September 2008
loan taken for purchasing or construction can be allowed as deduction u/s 80C, otherwise for personal purposes,it is not allowable.
CA. Harinder Kumar
(Expert)
22 September 2008
Not allowable
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