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deduction availale for car loan

KARTHIKA V (NO) (53 Points)

20 September 2018

I had query regarding if i buy a new car for personal purpose it to be made for loan. when i repay the loan and interest at the time it taken for deduction in IT return filling?

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(Guest)

Types of interest not deductible include personal interest, such as: Interest paid on a loan to purchase a car for personal use. Credit card and installment interest incurred for personal expenses.

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(Guest)

Car Loan Interest Is Tax Deductible If It's A Business Vehicle.

KARTHIKA V (NO) (53 Points)
Replied 20 September 2018

ya its also like luxurious product not a essential thing.Thank u

(Guest)

Welcome

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RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 20 September 2018

Originally posted by : KARTHIKA V
	I had query regarding if i buy a new car for personal purpose it to be made for loan. when i repay the loan and interest at the time it taken for deduction in IT return filling?