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Income tax

This query is : Resolved 
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(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 ?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
22 September 2008 Personal loan and interest thereon will not be considered for computing taxable income of a salaried person.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
22 September 2008 No
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CA. Gurdeep Singh Chawla

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CA. Gurdeep Singh Chawla (Expert)
22 September 2008 no
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sivasankar

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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
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Jitender

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Jitender (Expert)
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.
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CA. Harinder Kumar

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CA. Harinder Kumar (Expert)
22 September 2008 Not allowable
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