Can Personal Loan Interest Be Tax Deductible In India
2 lakhs for the interest paid on your personal loan if you use the loan amount for the construction of a residential property.
Can personal loan interest be tax deductible in india. The income tax act of india permits tax deductions on loans for some purposes like education home renovation or purchase business expansions and more. This tax benefit is applicable only when you reside in the home you ve just finished constructing. Therefore interest on personal loans obtained from relatives or friends can also be claimed as a deduction says bohra.
Similarly interest paid on credit card balances is also not tax deductible. According to section 24 b of the ita you can enjoy tax benefits up to rs. Tax benefit on education loan can be availed for the full loan repayment period or for a maximum of 8 years whichever is earlier.
Personal loans do come with tax benefits depending on the end use of the loan amount. Deduction for education loan interest can be claimed only by individual on whose name the education loan has been availed. The indian income tax act allows tax deductions on loans for specific purposes like education purchase or renovation of your house business expansion etc.
Personal loans taken for house if you use. If you borrow to buy a car for personal use or to cover other personal expenses the interest you pay on that loan does not reduce your tax liability. Personal loans for your house.
However you may be able to claim interest you ve paid when you file your taxes if you take out a loan. Interest paid on personal loans car loans and credit cards is generally not tax deductible. There is no stipulation as to who should be the lender.
Interest paid on personal loans is not tax deductible. Can i claim deduction under section 24. Budget 2020 has proposed a new tax regime with lower tax slab rates along with removal of almost all deductions exemptions.
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