Get Income Tax Benefit On Personal Loan
If you have taken personal loan then you can take Income Tax Benefit On Personal Loan.
But condition is that you should use personal loan amount for either construction of home or for higher study either abroad or in India.
Let us explain it step by step:
Personal Loan for Home Construction
It is worth mentioning here that personal loan can lead to tax exemption.
But condition is that you should use your personal loan amount for Home construction.
you can take tax benefit on interest as well as principal amount.
For more information about Home loan section 80EE click here
Personal Loan for Higher studies
If you are more intelligent in terms of Income Tax saving then you must be aware of this thing that you can take income tax deduction for higher studies under section 80E.
Important thing to note here that if you or your family members are taking higher study either in india or Abroad,
Income tax benefit can be taken intelligently in the above cases.
Condition is that only interest part of the income can be taken as tax exemption.
You can not take tax benefit for principal amount.