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Income from salary

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(Querist)
20 January 2014 Dear Sir,

if a person taken a houseing loan and vehicle loan from bank, he is eligible for deductions from income tax.


Thanking You

Kumar
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
20 January 2014 yes..eligibile for deduction for principal repayment to the bank under 80C, interest repayment (subject to conditions) upto Rs 1 lakh cumulative for AY 2014-15 and 2015-16 and interest deduction under 24b.
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@VaibhavJ

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@VaibhavJ (Expert)
20 January 2014 Agree with expert,

But he can not claim any benefit with respect to vehicle loan.

Thanks
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