Taxation On Personal Loan: Learn How To Avail Tax Benefits!
Personal loans are the best way to address your financial needs. Right from meeting your son’s educational needs or planning your dream wedding, a personal loan can be your best aid. As personal loans are unsecured loans, you don’t need to pledge any assets as collateral to avail the funding. The personal loan rates are often higher than the secured loans. Personal loans are also a more accessible source of funds to salaried and self-employed professionals.
Is The Personal Loan Amount Taxable?
Usually, personal loans are not taxable since the loan amount is not considered as a part of your income during filing of income tax returns. It means that you will not need to pay any income tax on personal loans. But it should be noted that the loan from unknown sources might be considered as part...