This article discusses the tax benefits of taking out a personal loan. Personal loans are a useful option when you need money but don't have collateral. The interest payments on personal loans can provide tax relief under Section 24(b) of the Income Tax Act. For example, if you use a personal loan for home renovation or higher education abroad, you can claim deductions on the interest payments. Additionally, if you use a personal loan for business purposes or property additions/renovations, you can also claim deductions on the interest payments. It's important to understand the terms and conditions of your personal loan before making any decisions.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/olGiCV3
