Personal loan deduction u/s 24

This query is : Resolved

chinmay kapshe (Querist)
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29 March 2017 Hello, I have taken a personal loan and have used it for the reconstruction of my house..whether I can take a deduction for the same. thanks

ALKESH T MEHTA

ALKESH T MEHTA (Expert)
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31 March 2017 If,your bankers are ready to convert your personal loan in to home loan,you can get deduction of principal amount up to Rs.150000/- with your other savings U/S 80-C.Moreover,you can get deduction of interest on home loan U/S 24,also.Please,confirm with your bankers,immediately.

chinmay kapshe

chinmay kapshe (Querist)
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31 March 2017 hello thanks for your reply sir... however if they are not ready to convert the same.. whether I can take deduction for the same u/s 24, but however I can prove effectively that I have used the loan money for reconstruction of my house only... thanks

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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24 October 2021 If you can justify your payment through bank, about utilization of loan money for the reconstruction of house, you can get maximum of Rs. 30,000/- as deduction u/s. 24(b).