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Deduction of Interest on Personal Loan

This query is : Resolved 
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(Querist)
12 February 2009 Can any one avail Deduction of Interest on Personal Loan taken from ICICI Bank or any other in Inocme Tax.
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CA Abhishek Bagaria

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CA Abhishek Bagaria (Expert)
12 February 2009 It depends on your source of income.

Assuming 1st, if it is Salary then no dedution allowed.
2nd, if u r having business income then deddution allowed if principal amount is used in business.
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O.D.SHARMA

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O.D.SHARMA (Expert)
14 February 2009 No,Not on personnel loan but yes for business nature loans.
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