Interest on personal loan
This query is : Resolved
Shivalok Lochak
(Querist)
24 November 2018
Is interest on personal loan is allowed as deduction for salary individual
Nikhil Kaushik
(Expert)
24 November 2018
no. it is not allowed.
Pradeep Jha
(Expert)
24 November 2018
Typically interest paid on personal loan taken for consumption purposes is not available for deduction.
Shivalok Lochak
(Querist)
24 November 2018
Personal loan is used for construction on house
Pradeep Jha
(Expert)
16 February 2019
Interest allowed as a deduction from Net Annual Value (Net Income) of the residential property & principal Tax liability reduced as per applicable marginal tax rate.
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