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Personal loan interest for tax dedcution
Hi All, I have opted personal loan additionally with home loan for constructing my home. Can I claim the interest paid amount from the personal loan for tax deduction? If so, how many years I can claim it. Thank you.
Replies (7)
No. Not allowed
not allowed bcoz deduction allowed only housing loan
Interest paid for personal loan is not allowed as deduction U/s 24b...
Hi,
Deduction shall be allowed irrespective of the nature of loan whether it is housing loan or personal loan from any person/institution.
Thanks a lot, Viral. I believe i can claim the interest amount in U/S 24b section which i used for home construction purpose.
Yes you can claim. It's the end use of loan that matters but not the nature of loan. Just keep the loan certificates and construction bills etc properly to justify the end use of loan.
| Originally posted by : A P Arun | ||
 |
Hi All, I have opted personal loan additionally with home loan for constructing my home. Can I claim the interest paid amount from the personal loan for tax deduction? If so, how many years I can claim it. Thank you. |  |
That's a clear no..!
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