Rahulkumar
Uploaded on Jul 22, 2020
Category
Economy & Finance
A personal loan is one of the best options in India if you need funds for an urgent need or a short period. Do you want to know how we can save tax on a personal loan? Read these Infographics to know more about tax benefits on personal loans. For more info visit here: https://www.fullertonindia.com/knowledge-center/personal-loan-tax-benefits.aspx
Category
Economy & Finance
4 Ways to Avail Tax Benefits On Personal Loan
4 Ways to Avail Tax
Benefits On Personal
Loan
If the personal
loan amount has
been used to
FOR RESIDENTIAL construct or
PROPERTY purchase a
residential
property, you can
claim tax benefits.
Under Section 24
of the IT Act.
If the personal
loan amount has
FOR BUSINESS been used for a
PURPOSE business purpose,
then the interest
paid on the loan,
is eligible for a tax
deduction.
If you avail a
personal loan
online to purchase
an asset such as
FOR OTHER shares, jewellery,
ASSET non-residential
property, etc,
then the interest
paid on the loan,
is eligible for a
tax deduction.
If you avail a
personal loan for
home
FOR HOME improvement. As
IMPROVEMENT per Section 80C,
you can claim for
a deduction of up
to INR 150,000 on
loan amount.
REFERENCE URL
https://en.wikipedia.org/wiki/Loan
https://www.fullertonindia.com/knowledge-center/personal-
loan-tax-benefits.aspx
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