Regarding Section 43B
This query is : Resolved
01 March 2011
Whether an individual get deduction of interest part of repayment of personal loan & car loan in section 43B
01 March 2011
"There is an exemption for interest on housing loan. If the loan was taken before Apr 1, 1999 exemption is limited to Rs.30,000/- per year. If the loan was taken after Apr 1, 1999 exemption is limited to Rs.1,50,000/- per year if the house is self-occupied; there is no limit if the house is rented out.
This exemption is available on accrual basis, which means if interest has accrued, you can claim exemption, irrespective of whether you've paid it or not. If the loan is taken jointly by two individuals both can claim this exemption"
This exemption is available on accrual basis, which means if interest has accrued, you can claim exemption, irrespective of whether you've paid it or not. If the loan is taken jointly by two individuals both can claim this exemption"
02 March 2011
Thanx Jigar, but I am asking particularly about personal loan & car loan, please reply if u know about that
02 March 2011
In case you are a professional or a business man declaring income under the head profits or gains from business or profession then the interest on car loan and depreciation could be utilised. However, in case you are a salaried individual then you would not get any deduction on this account
Personal Loan interest is also not deductible from Income Tax
Personal Loan interest is also not deductible from Income Tax
Message likes :
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05 March 2011
Hi,
NO Deduction will be allowed for Pursonal loan Interest & Car Loan Interest.
Thank you
Regards
CA.LOHITH.J
B.com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
NO Deduction will be allowed for Pursonal loan Interest & Car Loan Interest.
Thank you
Regards
CA.LOHITH.J
B.com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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