Save tax on Personal loan

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If you've taken a personal loan for house construction, you can potentially save tax by claiming the interest paid. This deduction is available under Section 24(b) of the Income Tax Act, provided you can prove the loan was specifically used for building your home. Ensure you meet the prescribed limits and have the necessary documentation to support your claim.

Shivam Jadhav

Shivam Jadhav (Querist)
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06 May 2024 I have taken a personal for house construction can I save my tax by showing the interest that I am paying?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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07 May 2024 Yes, in case the amount of personal loan has been used for the purchase, construction or repairs renovation of your house property, you can claim the interest under section 24(b) within prescribed limits, provided you are able to conclusively prove that the personal loan was in fact used for the stated purpose.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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07 September 2024 Good Luck.

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