Personal loan for House Property

If an assessee takes a personal loan for purpose of buying a house or repairing a house, can the principal and interest amount be income tax exempted?
Replies (2)
Quick Summary
This discussion explores whether personal loans taken for buying or repairing a house can be eligible for income tax exemptions on the principal and interest. While it is possible, provided the usage is verified, a traditional home loan is generally considered a more suitable option for such purposes.

Yes, eligible, provided the evidence of its usage will be verified.

Home loan is better suitable.

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