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Interest on personal loan

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(Querist)
24 November 2018 Is interest on personal loan is allowed as deduction for salary individual
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
24 November 2018 no. it is not allowed.
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Pradeep Jha

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Pradeep Jha (Expert)
24 November 2018 Typically interest paid on personal loan taken for consumption purposes is not available for deduction.
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Shivalok Lochak

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Shivalok Lochak (Querist)
24 November 2018 Personal loan is used for construction on house
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Pradeep Jha

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Pradeep Jha (Expert)
16 February 2019 Interest allowed as a deduction from Net Annual Value (Net Income) of the residential property & principal Tax liability reduced as per applicable marginal tax rate.

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