banner_ad

Tax exemption under personal loan taken for house renovvatio

Tax queries 547 views 3 replies

Recently i came across one new article,where it has been mentioned that one can avail tax exemption on interest of personal loan taken under the head of "Home Renovvation".Could any expert let me know if it is possible and if yes then what need to be done?

 

Thanks

Soumya

Replies (3)

There no deduction of of Interest on personal loan

Not agree with Deepak Ji

 

Section 24(b) of the Income Tax Act provides relief to home buyers, giving them tax deductions on loans taken to buy a residential property or to renovate it. If you use the personal loan towards the down payment for the purchase of a house, then you can claim tax exemption. If you use the loan amount to pay for home repairs, renovation, or for reconstruction, all these are also considered valid expenses for tax deduction.

You cannot claim deduction on the principal amount of the loan, but the interest paid on the loan can be utilized for tax deduction.

In simple words you can claim this interest on personal loan as a deduction from your taxable income.

Thank you Vishalji for updating me


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
09 June 2026
Accounts Associate

S Madan and CO

New Delhi

Graduate (Any)

View Details