Personal loan interest
This query is : Resolved
RADHAKANTA DAS
(Querist)
24 July 2014
Somebody have some fixed deposits and getting interest from that, interest is an income for the tax payer that will added to taxable income if against the FD he takes some loan and paying interest, interest is deductible from income or not?
(Personal loan not taken for own house)
(Personal loan not taken for own house)
24 July 2014
No. Such interest is not deductible for Individuals. It's deductible only in case of proprietorship business.
Message likes :
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Rupesh Jain
(Expert)
02 August 2014
no its is for his personal exp. not claimable under income tax act.
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