You have a financial crunch and so you decide to take a personal loan. Now did you know that this personal loan can help you reap some tax benefits? Of course, the tax benefits depend on the purpose for which you have used the personal loan and so make sure that you have all the details about where you have utilized the personal loan funds. The major detailed information about the usage of a personal loan fund for availing tax benefits is as follows:
1. Purchase or construction of residential property can get you tax benefits:
- Under section 24 of the Income-tax act if you are using a personal loan for buying or constructing a residential property then you can get a tax benefit.
- If you are constructing a home then you can claim the interest as an expense and then you can seek exemption from the taxable income.
- Whether the owner lives in the property or whether it is vacant or whether it is rented out the tax benefit can be availed by the owner.
2. Use a personal loan in business and get the tax benefit:
- If you are going to use the personal loan as capital for your business then in that case also you can get the tax benefit. In this case, you can get the tax benefit on the interest amount.
- Keep in mind that the taxable income in the business is cut down and there is no capping on the amount that can be claimed.
3. Use a personal loan for assets other than home and get tax benefits:
- It is possible to get a tax benefit if you use the personal loan to buy other assets like shares, non-residential property, or jewelry.
- Keep in mind that you cannot claim it in the year the asset was purchased. You can claim in the year when you sell the asset.
Do you want a personal loan for any financial requirement?
As you can see that if you use the personal loan for buying a residential property or any other asset or use it as a business investment then you can enjoy tax benefits. Yes, keep in mind that you can make use of the personal loan for many other things like buying appliances or spending on your wedding but for getting the tax benefit the personal loan must be used for some specific purpose.
- If you are interested in getting a personal loan then the first thing that you have to do is check if you are eligible for the personal loan and thus your credit score is important.
- In case you are eligible to get a personal loan then you have to find the right financial institution that offers personal loans at competitive interest rates.
Have you checked with Money View for a personal loan?
Money View, a known and reliable financial institution in the country offers personal loans which can be used for different purposes. If you want to get a personal loan from Money View then there are just a few steps that have to be completed.
- First, go to the website of Money View (https://moneyview.in/) and check if you are eligible to apply for a personal loan from Money View.
- In case you are eligible then you have to submit the online application form and you also have to submit the documents that are required for getting the personal loan.
- The documents that have to be submitted to get the personal loan from Money View are photo id proof, address proof, and proof of income.
- Money View checks if the candidate is eligible and if the documents are as per the requirement and if all the formalities are completed properly.
- If everything is in place then Money View sends the personal loan contract details and once the applicant accepts the terms and conditions then the loan is disbursed in the next few hours and the amount is credited to the bank account of the applicant.
It is always better to approach Money View for a personal loan:
- Money View has its internal credit rating system and hence even with a low CIBIL score, it might be possible to get a personal loan from there.
- This financial institution is acknowledged for offering personal loans at highly competitive interest rates as compared to other leading financial institutions.
- Money View also offers flexible tenure options to the applicants.
- One gets a personal loan from Money View with minimum documentation.
- The entire documentation process of Money View is online.
- Checking the eligibility for the personal loan and applying for the personal loan from Money View is very simple i.e. it takes just a few minutes.
- If everything is as per the requirement then Money View disburses the loan amount in just a few hours.
A personal loan can help you get tax benefits but the reason for which the personal loan has been used is very important. To get a personal loan easily, quickly and in a hassle-free manner, all that you have to do is contact a certified and reputed financial institution. You can go with Money View for the same. Visit their official website to get detailed information about the tax benefits on a personal loan. If you still have any queries or questions regarding the same, you can contact the finance team of the company to get the best resolution of the issue.