Whether salary income can be reduced by int paid on unsecured loan?
Whether salary income can be reduced by int paid on unsecured loan?
No deduction are allowable from Salary income. Interest paid on unsecured loan is nothing to do with your income from Salary. Even loss from business can not be set off with income from Salary.
agree wid sudhakar sir
no
salary income has no relevance with interest paid on unsecured loan
not allowed
no
no dude, its not allowed since payment of interest on loan is only an application of income and has not got to do anything with salary
Dear Mohan,
There are no provisions in Chapter IV-A i.e section 17,18 and 19 of I T Act for allowance/deductibility of interest paid on unsecured loan.
However, it is to be noted that, in case un secured loan is taken for purchase of House property then;
In case property is let out you may claim such interest as an expenses for determining the Income from house property.
In case property is self occupied you can charge such interest in the Income head of House property i.e. you can claim loss under House property and such loss can be allowed to offset against income from salary.
Regards
Juzer
Not Allowed
No...It is allowable only under PGBP.
| Originally posted by :Juzer | ||
| " | Dear Mohan, There are no provisions in Chapter IV-A i.e section 17,18 and 19 of I T Act for allowance/deductibility of interest paid on unsecured loan. However, it is to be noted that, in case un secured loan is taken for purchase of House property then; In case property is let out you may claim such interest as an expenses for determining the Income from house property. In case property is self occupied you can charge such interest in the Income head of House property i.e. you can claim loss under House property and such loss can be allowed to offset against income from salary. Regards Juzer |
" |
100 % agree with juzer
agree with Zuzer
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