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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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.
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