Personal loan
This query is : Resolved
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
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
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.
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