How to claim Tax Deduction of Personal Loan for House Construction?

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  1. Imdad

    Imdad New Member

    Hi,

    Karan, I was searching for tax benefit and was searching with my query. Thanks for much of information. I have taken personal loan for my house construction. I am paying huge interest on it. I read your article about tax benefit on personal loan (http://www.charteredclub.com/tax-on-personal-loan/)

    Can you let me know how I can take the tax benefit on my personal loan?

    Imdad
     
  2. Karan Batra

    Karan Batra Well-Known Member

    You can take tax benefit of personal loan taken for house construction in the same manner as taking deduction of a home loan.

    In the ITR, mention the amount of interest paid for personal loan and claim the deduction under Section 24. This deduction would be claimed under head "Income from House Property"
     
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