income tax

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  1. sivaprakashnavy

    sivaprakashnavy New Member

    dear sir.

    Qn 1. i have borrowed personal loan of 5L and i have paid interest of 16 K as on date for FY 2015-16. I read in one of the articles that interest on personal loan borrowed from bank as well as from parents is eligible for tax exception. Is it? if so under which section i can claim IT exception.

    Qn 2.

    I spent 3.5 lakhs for my dependent father for treatment towards poisonous snake bite. As on 31 Mar 16, Expenditure was around 75 thousands. Can i claim IT exemption for my dependent father's treatment upto 31 Mar 16 upto 75 thousands

    Regards
    Sivaprakash
     
  2. ZED

    ZED Well-Known Member

    Where did you read so, can share the link?

    Interest deduction is not allowed for personal loan. You might have seen for home loan.


    As such this not not any disease so deduction should not be available.


    But if your father is a super senior citizen (aged 80 or above) then deduction might be available in respect of such expense to the extent of 30,000 u/s 80D(2)

    The whole of the amount paid on account of medical expenditure incurred on the health of any parent of the assessee, as does not exceed in the aggregate thirty thousand rupees
     
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