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
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.
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