June 12, 2012 8:07 pm
1—IS THERE IT EXEMPTION ON PERSONAL LOAN AVAILED ???
2— HOW CAN I INCREASE MY EPF SUBSCRIPTION ????
3–BEST TAX SAVING (80C) PLAN OTHER THAN BANK FD???
The loan should be classified as home loan only then you can avail the benifit, since personal loan is not classified as one you will not be able to claim the benifit.
If this expense was incured on upkeep of a retal property you can claim that under some section, please check with an audiotr for getting that info. Expense on self occupied property is not exempt from tax.
There is no exemption available for Personal Loan.
The rest of it I will leave it to the experts!!!
THANK U ROHIT,
BUT WHAT IF THE LOAN IS TAKEN FOR MEETING NEW HOME REQUIREMENTS….
Dear Kripa, the loans passed under the home loan category are available & eligible for tax benefit. As it’s s PL, you can’t avail tax benefit on it. To increase your EPF contribution please ask your employer to deduct extra amount from your salary & deposit the same to your PF account.
May I know on what parameters you find bank FDs best plan for you for tax saving purpose?
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