Exemption under income tax act for car loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 October 2013
Can car Loan be taken for exemption under income tax?
15 October 2013
In case you are a
professional or a business man declaring income
under the head profits or gains from business or
profession then the interest on car loan and
depreciation could be utilised. However, in case
you are a salaried individual then you would not
get any deduction on this account.
professional or a business man declaring income
under the head profits or gains from business or
profession then the interest on car loan and
depreciation could be utilised. However, in case
you are a salaried individual then you would not
get any deduction on this account.
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