Is personal loan eligible for 80c dedu.
This query is : Resolved
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).
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).
26 June 2013
no, only home loan is get benefit of these exemption.
Message likes :
1 times
26 June 2013
No Personal Loan is not eligible for any deduction
Message likes :
1 times
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
I HEARD THAT THE PERSONAL LOAN TAKEN IS UTILIZED FOR HOUSE CONSTRUCTION THEN IT WILL ATTRACT 80C N 24 SECTION
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"
Incase loan taken for house construction, then banker has to give the certificate clearly mentioning the purpose as " House construction or acquisition"
Message likes :
1 times
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
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Regarding IMS Mandatory from 1st July 2026
- Scrutiny assessments u/s 143(2) for AY 25-26
- Salary and pension received from Asian Development Bank
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
