Car & home loan

This query is : Resolved

MOHIT AHUJA (Querist)
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04 July 2014 Dear expert, kindly clarify me that i have taken car loan & home loan. I have monthly deposted the installment. whether i have taken any of loan installment exemption in filling of my ITR.

Deepti Asawa

Deepti Asawa (Expert)
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04 July 2014 Yes,you can claim deduction u/s 80C for repayment of home loan.

Rupesh Jain

Rupesh Jain (Expert)
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04 July 2014 if you self occupied house then intt can claim u/s 24(b) and principle of housing loan u/s 80c.

and NO deduction of car loan available to individual who are not doing business . if your doing business then you can claim in business.

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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04 July 2014 whatever u paid as installment for a fy for only home loan as principle amount is allowed as deduction u/s 80C and int u/s 24(b).

no deduction for motor loan.