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Is personal loan taxable if invested in mutual fund
I had taken personal loan of 5 lakh from bank and invested in mutual fund do i need to pay any tax on this or would i recive invome tax notice since it comes under high value investment which is more than my anual income
Replies (2)
Taking loan from Bank is not your income, so it will not be taxable. However, Income earned from investment of that amount would be taxable, if the nature of income is not exempt under Income Tax law. further, you may claim deduction of interest amount being paid to banker on that personal loan. you may write us at info @ wealth4india.com or call us @ 9266242424 extn. 1 or 11. Alternatively, may Logon @ www.wealth4india.com
Interest earned on mutual funds will be income from other sources
No deductions will be allowed against IFOS. So you cannot claim the interest on loan charged by the banker as expenses.
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