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deduction for personal loan
Is repayment of a personal loan taken from a bank eligible for claiming deductions for income tax ?
Replies (3)
No. Not eligible
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1. If we go by deductions and various allowable expenses for income in the hands of individual there is no specific provision which allows claiming deductions towards repayment of personal loan.
2. It cannot be set it off under any heads of income.
3. Hence, deductions will not be available for repayment of personal loan.
Please correct me if the above solution has an alternative view.
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