4 Ways to Avail Tax Benefits On Personal Loan

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4 Ways to Avail Tax Benefits On Personal Loan
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If the personal loan amount has been used to
construct or purchase a residential property, you
can claim tax benefits. Under Section 24 of the
IT Act.
FOR RESIDENTIAL PROPERTY
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If the personal loan amount has been used for a
business purpose, then the interest paid on the
loan, is eligible for a tax deduction.
FOR BUSINESS PURPOSE
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If you avail a personal loan online to purchase
an asset such as shares, jewellery,
non-residential property, etc, then the interest
paid on the loan, is eligible for a tax deduction.
FOR OTHER ASSET
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If you avail a personal loan for home
improvement. As per Section 80C, you can claim
for a deduction of up to INR 150,000 on loan
amount.
FOR HOME IMPROVEMENT
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REFERENCE URL
https//en.wikipedia.org/wiki/Loan
https//www.fullertonindia.com/knowledge-center/pe
rsonal-loan-tax-benefits.aspx
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