Menu
personal loan is tax eligible
personal loan can get tax benefit
Replies (9)
Personal loan when used for personal need (& not for any business or housing purpose) is not eligible for any tax exemption.
personal loan used for buying a land there is tax exempt
| Originally posted by : Pratik Dhas | ||
 |
personal loan used for buying a land there is tax exempt |  |
Will you construct house property on that land?
yes after 3 year
So you will be able to claim deduction of principal amount u/s 80C
and interest portion after construction will be overe then u/s24(b) pre construction interest / 5 years and post construction on actual payment
before construction i claim principal amount u/s 80C
deduction under section 80C for repayment of house loan paid in a previous year can only be claimed if house construction is completed before the end of previous year.
I have purchased only land there is no construction on that land.In which section i claim the amount.
Words in act is if loan is taken for purchase or construction of house property so if you have taken loan for construction then yes you may claim 80C of principal amount
Recent Topics :
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
Related Topics :
CAclubindia
