interest paid on personal loan
mahesh kumar (4 Points)
03 August 2017
can I claim deduction on account of interest paid in respect of personal loan
3 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(182814 Points)
Replied 03 August 2017
Yes, if utilized it for business purpose or for generating any professional income.....
But no........ if utilized it for personal use..........
Khareem
(Khareem)
(22 Points)
Replied 07 August 2017
Like others have said it depends on the kind of loan you get.
If it's a personal loan like this one then no: https://nzcubaywide.co.nz/get-a-loan/personal-loans/
If it's a business loan like this one, then yeah: https://www.nationalfunding.com/small-business-loans/
It also depends exactly what you use the money for, and the specifics of the tax laws that apply to your business. Might be worth checking with a professional to make sure you're claiming everything you can.
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