Personal loan

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swapna (Querist)
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13 July 2012 hello

i want to know when we calculate the income tax liability for an individual . is there is any exemption for loan taken for business [ loan taken on personal name]. is the repayment of that loan exempted from tax. and any other personal loan how to be calculate. pl give the guideline
the income is taxable under salary

thanks

Nischit Sanghavi

Nischit Sanghavi (Expert)
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14 July 2012 Loan taken on personal name and used for bussiness is available as deduction as an expenses. but vis a versa is not available. Interest facor is allowed from income under the head of bussiness.