26 June 2013
HELLO CA CLUB MEMBERS, I HAD A SMALL DOUBT REGARDING PERSONAL LOAN. 1)CAN WE CLAIM INTEREST PAID ON PERSONAL LOAN U/S 24(b). 2)IS REPAYMENT OF PRINCIPLE CAN BE CLAIMED U/S 80(C).
26 June 2013
Personal loans are not eligible for deduction u/s.80C or 24b
Incase loan taken for house construction, then banker has to give the certificate clearly mentioning the purpose as " House construction or acquisition"
27 June 2013
Agreed with the opinion of Rameshji even if you take Personal Loan and use it for the Purpose of House Construction still it will not be eligible for deduction. Even if you take the certificate still I dont think so you will be able to take any benefit in Income Tax
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