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Starting a business: If you take a personal loan to start a business or invest in a business, you may be able to claim the interest paid as a business expense under Section 37 of the Income Tax Act. Yes, personal loan availed for the purchase or construction of a house is covered under section 80C.
Interest payment do credit unions do sba loans for a deduction under section However, the loan repayment is covered under section 80C.
No, there is no specific tax relief on a personal loan. However, here are a few scenarios where you may be able to claim tax benefits on a personal loan:. Home loans, education do credit unions do sba loans, loans on electric vehicles are a few loans which enjoy tax exemption.
The specific documents needed for loan approval may vary among different lenders, and some may read article offer personal loans without requesting an ITR.
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