Exmption of car loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 December 2013 i have professional income and i have taken 4.5 lcs car loan from bank so can i take any exmption on its principle and interest if yes so how much, pls tell in detail

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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11 December 2013 You are having professional income. You can claim the expenditure in respect of day to day running of the car for the purpose of your profession.
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You can claim Interest and Depreciation.
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If you really desire to plan, contact a CA.
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