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Rajkumar Gutti   04 August 2021

Interest on personal loan

I have taken personal loan Rs.5 lakh
from HDFC Bank for repairing my ancestral old house.
Can I take deduction of loan Interest & pricipal amount of loan repayment u/s 24b &80cc

Please guide us

Thanking you

Regards
Rajkumar Gutti


 5 Replies

Ankit Neema

Ankit Neema   04 August 2021

I think you are not eligible as in section 24B deduction is allowed on Home Loan Interest, and in 80C allowed repayment of principal of Home Loan
Rajkumar Gutti

Rajkumar Gutti   04 August 2021

But I think only interest part is allowed for home repairing
Harsh Khemchandani

Harsh Khemchandani   04 August 2021

Yes interest on personal loan is allowed as it used in the repairs of HP
Sourav

Sourav (Student)     04 August 2021

Yes interest on loan can be claimed
Ankit Neema

Ankit Neema   04 August 2021

It's a personal loan not a home loan , so not eligible
1 Like

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