banner_ad

Personal loan

This query is : Resolved 
Profile Image

Profile Image

(Querist)
13 July 2012 hello

i want to know when we calculate the income tax liability for an individual . is there is any exemption for loan taken for business [ loan taken on personal name]. is the repayment of that loan exempted from tax. and any other personal loan how to be calculate. pl give the guideline
the income is taxable under salary

thanks
Profile Image

Nischit Sanghavi

Profile Image

Nischit Sanghavi (Expert)
14 July 2012 Loan taken on personal name and used for bussiness is available as deduction as an expenses. but vis a versa is not available. Interest facor is allowed from income under the head of bussiness.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
07 May 2026
CA Assistant

amit desai and co

Mumbai

CA Final

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
11 May 2026
Post office

Post office

Anakapalle

Others

View Details