Deductions for Interest Paid

Income Tax Tax Savings & Deductions
1

Hello,
Can i use the interest paid for the personal loan as a deduction. I filed the ITR1 for AY2023-24 already, can i re-file with the interest deduction.

Thank You.

2

Hi @tharun

If the personal loan was availed for the purchase or construction of a house then it is covered under section 80C. Interest payment qualifies for a deduction under section 24. However, the loan repayment is covered under section 80C.

In case you’ve missed reporting something in your original return for AY 2023-24, you can File Revised Return : Help Center.