12 April 2016
A Y 16-17.X salary Rs25000 per month, TDS is deducted 5000rs, one vehicle loan given we have to claim the interest of vehicle loan deduction in his case please reply.
Thanking you
13 April 2016
Hi...For a salaried person, deduction of interest on vehicle loan is not allowed. As per the facts, if gross salary is only 25000 p.m. then there is no tax liability also considering the slabs and tax free allowances.
CAclubindia
