Interest on personal loan

No.

Repayment of principal amount of housing loan is allowed as deduction under setion 80C

Interest on housing loan is allowed as deduction under section 24B

Dear Subhash

Thanks...

It means EMI (Including Interst) of Personal loan is not allowed...

the said expemtion is not possioble while filing personal Return ???

sir it depends upon nature of loan i.e. if educational loan then interest will be allowed as deduction under section 80E, if housing loan then interest will allowed as deduction under section 24B and repayment of principal will be allowed as deduction under section 80C

for other loan no deduction.

So say the purpose of loan.

Tgank U

sir first of all, expenses are never "exempted"...they either allowed as deduction or disallowed...incomes are exempted from calculation of income tax...

As to ur query u need to specify the nature...80C doesnt include evry personal loan...housing, education etc needs to be specified