Is personal loan eligible for 80c dedu.

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SUJITH GUPTHA (Querist)
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26 June 2013 HELLO CA CLUB MEMBERS,
I HAD A SMALL DOUBT REGARDING PERSONAL LOAN.
1)CAN WE CLAIM INTEREST PAID ON PERSONAL LOAN
U/S 24(b).
2)IS REPAYMENT OF PRINCIPLE CAN BE CLAIMED U/S 80(C).

CA Kapil Verma

CA Kapil Verma (Expert)
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26 June 2013 no, only home loan is get benefit of these exemption.

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CA.Vinita Gupta

CA.Vinita Gupta (Expert)
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26 June 2013 No Personal Loan is not eligible for any deduction

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SUJITH GUPTHA

SUJITH GUPTHA (Querist)
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26 June 2013 THANK U FOR UR REPLY.
I HEARD THAT THE PERSONAL LOAN TAKEN IS UTILIZED FOR HOUSE CONSTRUCTION THEN IT WILL ATTRACT 80C N 24 SECTION

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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26 June 2013 Personal loans are not eligible for deduction u/s.80C or 24b

Incase loan taken for house construction, then banker has to give the certificate clearly mentioning the purpose as " House construction or acquisition"

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CA.Vinita Gupta

CA.Vinita Gupta (Expert)
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27 June 2013 Agreed with the opinion of Rameshji even if you take Personal Loan and use it for the Purpose of House Construction still it will not be eligible for deduction. Even if you take the certificate still I dont think so you will be able to take any benefit in Income Tax

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