Personal loan deduction u/s 24
This query is : Resolved
29 March 2017
Hello, I have taken a personal loan and have used it for the reconstruction of my house..whether I can take a deduction for the same.
thanks
31 March 2017
If,your bankers are ready to convert your personal loan in to home loan,you can get deduction of principal amount up to Rs.150000/- with your other savings U/S 80-C.Moreover,you can get deduction of interest on home loan U/S 24,also.Please,confirm with your bankers,immediately.
31 March 2017
hello thanks for your reply sir... however if they are not ready to convert the same.. whether I can take deduction for the same u/s 24, but however I can prove effectively that I have used the loan money for reconstruction of my house only... thanks
24 October 2021
If you can justify your payment through bank, about utilization of loan money for the reconstruction of house, you can get maximum of Rs. 30,000/- as deduction u/s. 24(b).
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