4 Possible Cases you can avail Tax Benefits on Personal Loan
A personal loan is a money borrowed from a lender that you need to repay in monthly installments (EMI) that typically range from 2 to 10 years. As per the Indian government Income Tax Act, Income Tax deductions on interest paid on personal loans are allowed. You can claim tax on personal loans but you have to provide sufficient proof to the income tax department. Check your personal loan interest rate here: https://www.fullertonindia.com/personal-loan-interest-rates.aspx
A personal loan is a money borrowed from a lender that you need to repay in monthly installments (EMI) that typically range from 2 to 10 years. As per the Indian government Income Tax Act, Income Tax deductions on interest paid on personal loans are allowed. You can claim tax on personal loans but you have to provide sufficient proof to the income tax department. Check your personal loan interest rate here: https://www.fullertonindia.com/personal-loan-interest-rates.aspx
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4 Ways to Avail Tax
Benefits On Personal
Loan
If the personal loan
amount has been
used to construct or
FOR RESIDENTIAL
PROPERTY
purchase a
residential property,
you can claim tax
benefits. Under
Section 24 of the IT
Act.
If the personal loan
FOR BUSINESS
PURPOSE
used for a business
amount has been
purpose, then the
interest paid on the
loan, is eligible for a
tax deduction.
If you avail a
personal loan online
to purchase an asset
FOR OTHER
ASSET
such as shares,
jewellery, nonresidential
property,
etc, then the interest
paid on the loan, is
eligible for a tax
deduction.
If you avail a
personal loan for
FOR HOME
IMPROVEMENT
home improvement.
As per Section 80C,
you can claim for a
deduction of up to
INR 150,000 on loan
amount.
REFERENCE URL
https://en.wikipedia.org/wiki/Loan
https://www.fullertonindia.com/knowledge-center/personalloan-tax-benefits.aspx
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