An individual employed in catholic syrian Bank,is having personal Loan,taken on his behalf,
plz tell me whether any deduction is available for this loan amount,Intrest
2 Replies
CA Ketan Waghela
(Partner at Elite Educare)
(356 Points)
Replied 16 February 2013
Neethuji,
There is no deduction for interest or principal amount of personal loan in Income Tax.
Pranita Chawda
(Student)
(107 Points)
Replied 16 February 2013
Income tax deduction on interest & principal will be applyed only when the loan is HOME Loan and not Personal Loan.
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