Personal Loan (used for constructing house) Tax benefits

Hi All,

I am employed in Bangalore. I have taken a Personal Loan for constructing house for my parents in native place (not Bangalore) in July 2020 (since home loan is not available in rural places i have taken personal loan). I am paying EMI from then.

1) can Personal Loan, if used for home construction, can be shown in ITR section 24b ? (some websites say it can be done similar to home loan but only interest portion can be shown) https://www.bankbazaar.com/tax/three-possible-cases-you-can-avail-tax-benefits-personal-loans.H T M L

2) if yes, what proofs do i need to have ?. I have receipts of purchasing construction materials & correlated debits in my bank statement. Do I need to get interest certificate from bank or the loan amortization schedule is enough?

3) if yes, how to show in ITR ? self-occupied property or let-out property? (please point to any article/youtube for this). or can i take help of CA only for this? (i have taken care of all other calculations including company RSU. CA's usually charge 5,000rs for taking care of RSU)

4) if yes, can i revise FY2020-21 ITR return as well ?

Thanks In Advance

It is pretty wise to think of loans in enduring times when you lack enough funds. In case you are in the middle of constructing your dream house, fund shortage hurts badly. So, consider a personal loan and get the required money. A personal loan can be used for any purpose. Financial institutions usually don’t apply any restrictions on how you can use the funds received from personal loans. Moreover, firms like EarlySalary also provide a low income personal loan. The interest rate is only Rs.7/day. You can take loans ranging from Rs 5000 to Rs. 5 lakhs. One can apply for a loan online and have it in 10 minutes. If you wish, repay it in advance at no additional costs.

To know more, click here:- https://www.earlysalary.com/personal-loan/