09-01-2010, 05:37 PM
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by farhanm</i>
<br />I have taken <b>personal loan</b> from few banks and paying back in monthly installments. Kindly tell me whether <b>i shall be entitled to a tax credit for a tax year in respect of any profit in the year on loan by scheduled bank</b>.
Looking for reply.
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by ahsan_aziz_arain</i>
<br />DIVIDEND , PROFIT ON DEBT AND PRIZE BOND ARE TAXABLE UNDER FTR BUT ALSO FALL UNDER THE HEAD "INCOME FROM OTHER SOURCES".
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Mr. Farhan if you have taken loan from a scheduled Bank and for the construction of a house then you will be entitled to tax credit u/s 64 of the Income Tax Ordinance, 2001. if your loan is of personal nature then you will not be entitled to a tax credit.
<br />I have taken <b>personal loan</b> from few banks and paying back in monthly installments. Kindly tell me whether <b>i shall be entitled to a tax credit for a tax year in respect of any profit in the year on loan by scheduled bank</b>.
Looking for reply.
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by ahsan_aziz_arain</i>
<br />DIVIDEND , PROFIT ON DEBT AND PRIZE BOND ARE TAXABLE UNDER FTR BUT ALSO FALL UNDER THE HEAD "INCOME FROM OTHER SOURCES".
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Mr. Farhan if you have taken loan from a scheduled Bank and for the construction of a house then you will be entitled to tax credit u/s 64 of the Income Tax Ordinance, 2001. if your loan is of personal nature then you will not be entitled to a tax credit.
