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Tax Implications for Loans

What kinds of tax benefits are available on loans?

Home loan borrowers are eligible for tax benefits on the principal and interest components of the loan under the Income Tax Act, 1961. One does, however, need to keep track of the latest norms with respect to tax benefits as they keep changing.

Other types of loans such as personal loans, car loans etc are not included for claiming tax benefits Self employed individuals and companies however may show the interest component of their loans as an expense in their financial statements and therefore indirectly reduce their tax liability.

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