personal loans - income tax
This query is : Open
27 November 2016
dear sir
I am salaried person, working as a lecturer in junior college. I have taken a house in e auction by ARCIL Ltd. for which complete amount of house must be paid after the auction, in this situation i unable to get home loan, so applied for personal loan.
1. do I need to pay income tax for this personal loan.
2. . if IT dept treat personal loan as income, where I need to specify in the form
3. please tell me how much income tax I need to pay
my gross salary 8,40,000
savings -1,50,000
HRA 1,00,000
CA. Vinodh Kothari
(Expert)
27 November 2016
Personal loan in not an income. You don't need to pay any income tax on the personal loan.
pls ensure that you take the personal loan by cheque and not cash.
VK
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