Income tax
This query is : Resolved
22 September 2008
Can we get the deduction of personal loan while calculating the taxable income for salaried person & what is a treatment of interest on personal loan ?
22 September 2008
Personal loan and interest thereon will not be considered for computing taxable income of a salaried person.
22 September 2008
No
22 September 2008
no
22 September 2008
Hi,
You can deduct the interest regarding personal loan when such loan is used for something which generates taxable income.
But If you use your loan for family expenses only then you cannot deduct the interest from your salary.
But if you use that loan to build a house or addition of rooms in your existing house then you can claim it as loss from house property.
regards
sivasankar
advocate
You can deduct the interest regarding personal loan when such loan is used for something which generates taxable income.
But If you use your loan for family expenses only then you cannot deduct the interest from your salary.
But if you use that loan to build a house or addition of rooms in your existing house then you can claim it as loss from house property.
regards
sivasankar
advocate
22 September 2008
loan taken for purchasing or construction can be allowed as deduction u/s 80C, otherwise for personal purposes,it is not allowable.
22 September 2008
Not allowable
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
