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    aradhana_001's Avatar
    aradhana_001 Posts: 1, Reputation: 1
    New Member
     
    #1

    Jan 8, 2009, 03:44 AM
    Do we get tax rebate on Personal loans?
    I took personal loan and I am repaying the instalments always on time.
    Will I get tax rebate on personal loan?
    If yes, will this be on interest charges paid per instalments as per according to the amortization schedule provided by the bank?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
     
    #2

    Jan 8, 2009, 05:32 AM

    No.
    Only mortgage interest payment on your main home or second home is deductible as itemized deduction.

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