An individual employed in catholic syrian Bank,is having personal Loan,taken on his behalf,
plz tell me whether any deduction is available for this loan amount,Intrest
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Income tax deduction
Replies (2)
Neethuji,
There is no deduction for interest or principal amount of personal loan in Income Tax.
Income tax deduction on interest & principal will be applyed only when the loan is HOME Loan and not Personal Loan.
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