Ask Experts Questions for FREE Help !
Ask
    Dr Sudheer's Avatar
    Dr Sudheer Posts: 2, Reputation: 2
    New Member
    		  
    #1

    May 21, 2008, 09:35 AM
    Does Personal loan taken for House Costruction Qualify for Tax Rebate
    Does Personal Loan taken for building a house in addition to Housing Loan Qualify For Tax Rebate? I am enquiring about Indian Income Tax Laws.

    What are all the Documents required to prove that Loan is used for house Construction? Will I need a letter from my Bank which gave me Personal Loan saying its used for House Construction. I don't think so they will give it. I have put the Loan amount directly to My Savings account and the same has been utilised by way of Cheque payments to my Builder and Material purchase. Is this enough proof that I have used it for right purpose. Also I paid a processing fee on my personal loan will that also qualify for any rebate? Will both the interest and principal repayment on Personal loan qualify for IT rebate
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    May 21, 2008, 09:45 AM
    Hello Dr:

    I'm not sure what tax rebate you're talking about. If it's the one that's being sent to everybody, you only need to be a taxpayer to get it.

    If you're talking about being able to deduct the interest because this is a home, you might. However, you may have to move in before you qualify... In any case, your tax preparer can answer these questions for you.

    I see at the end of your question, you use another term like IT rebate. I don't know what that is.

    excon
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    May 21, 2008, 10:06 AM
    Dr Sudheer:
    Are you taking about India income tax or the U.S. income tax?
    Dr Sudheer's Avatar
    Dr Sudheer Posts: 2, Reputation: 2
    New Member
    		  
    #4

    May 21, 2008, 10:26 AM
    Quote Originally Posted by MukatA
    Dr Sudheer:
    Are you taking about India income tax or the U.S. income tax?

    I am talking about Tax laws in India
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Rebate on amount paid for repayment of housing loan [ 1 Answers ]

Mr X purchased a house jointly with his wife. For purchase of house he has taken a loan in joint names with wife. Loan repayment is being done by Mr. X alone from his account. If wife of Mr X isnot willing to take benefits of repayment in income tax, is Mr X alone eligible to take the whole...

Personal loan vs gift [ 3 Answers ]

I gave $2,000 to then-boyfriend to help him with general living expenses while he was studying to sit for the bar exam. I wrote 3 separate checks over 4 months, noting "loan" in the memo section of the check. We did not discuss any specific repayment terms but he assured me verbally that once he...

Income tax rebate on housing loan. [ 1 Answers ]

Hi, I would like to know what is the income tax rebate that I can get On the housing loan. I have recently bought a property and took housing loan for the same. The property is in the form of Two 1 Bhk Flats adjacent to each other which I wish to join together later. So on what princiapal and...

Income tax rebate on housing loan [ 2 Answers ]

I have taken housing loan from my office in the yr.2002 for flat under construction.I have already started deduction from my salary for the above loan.I have taken possession of the above flat in the current yr 2007. Shall I get income tax benefits for the accrued int.ffrom theyr 2002.If yes or no...

Personal Loan [ 1 Answers ]

I am a small company looking for a personal loan. I have bad credit and the company has only been around for 7 months. I am looking for $8,000.00 over 3 years and am willing to pay a high interest rate. I would like the loan to be unsecured but am willing to put the Equipment I own up for...

View more questions Search