Personal loan

whether the Personal Loan taken from PNB/SBI for the purpose of acquire/purchase of land is tax rebateable or not. please guide me.
Asked 9 days ago in Income Tax from Shimla, Himachal Pradesh
no personal loan interest or principle not rebate able and Home loan is rebate able in case of Home only not only purchase of land   
Lalit Bansal
CA, Delhi
418 Answers
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Hello,

No, it is not. Only housing loan is.

Trust this clarifies your query. 

Feel free to call / get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, FCA, LLB, CERT. FAFP
Rohit R Sharma
CA, Mumbai
1837 Answers
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Hi,

No, only a housing loan taken in order to buy a house property or construct a house property can be claimed as house property loss.

Regards,
Keerthiga Padmanabhan
M.Com., CA, LL.B
Keerthiga Padmanabhan
CA, Greater Mumbai
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Loan taken for purchase of LAND is not rebatable. However, loan taken for purchase of a HOUSE is tax rebatable.

Please feel free to call revert in case you need more clarity

Thanks and regards
Abhishek Dugar
CA CS B.Com
Abhishek Dugar
CA, Mumbai
2081 Answers
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Ideally, It should be house property loan. But if you get deduction certificate its fine 
Vidya Jain
CA, Kolkata
407 Answers
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Hi..

There are deductions in income tax laws for home loans and not for personal loans.
Lakshita Bhandari
CA, Mumbai
587 Answers
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