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 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.