The gold loan tax exemptions are yet another beneficial aspect of this secured product that makes it one of the most viable options during a financial emergency. Continue reading to know about these tax benefits.
Tax benefits on gold loans
Those opting for a gold loan in Kolhapur must know the following tax benefits for this credit facility:
Fund used for house renovation
If a borrower uses the fund for home renovation, he or she can claim up to Rs. 1.5 lakh under Section 80 C of the Income Tax Act of 1961.
While purchasing or constructing a residential property
Individuals can claim up to Rs. 2 lakh on the interest compound if they use the fund for the construction or purchase of a residential property.
Fund used for business expenses
Borrowers can even claim tax deductions if they utilise the gold loan principal to fund business expenses.
Hence, these are the gold loan tax exemptions that a borrower can opt for under different circumstances. The tax exemptions, along with other benefits, make this secured credit facility one of the best options to fund any financial emergency.
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