Here's How to Claim Tax Benefits on Personal Loans

Under Section 80 (E)

Tax benefits can be claimed by submitting a loan interest certificate during ITR filing for up to 8 years.

Tax Deduction onĀ  Education Laons

Under Section 24 (b)

You can claim tax deductions on interest paid by submitting records to prove that the loan amount was only utilised for home renovation.

Tax Exemption on Home Renovation

Under Section 37

Interest paid on a loan used for starting a business can be claimed for tax deduction by submitting proper documentation and evidence.

Tax Deduction on Starting a Business

Under Section 24 (b)

Borrowers can claim a deduction of up to INR 2 lakh per annum on the interest paid on home loan for house purchase of self-occupied property.

Tax Exemption on Home Purchase

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