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LIC Insurance :
It is that time of the year again when you put every investment that you made over the course of the year into perspective: How much tax can I save? Various investments we have made over the course of the year contribute significantly to our income tax savings. Often times, a simple liability in the form of a personal loan can be substantial when it comes to planning your income tax for the year.
However, not all personal loans qualify you for tax benefits. Only the interest paid on education loans and home loans are exempted from taxation. The entire interest you pay on these loans can be claimed as a deduction, while calculating your tax. And these can translate into tidy savings, in the long run. Let us look at specific instances of these personal loans, and how tax deductions work in each case

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