Income tax benefits on car loan

This query is : Resolved 
 

(Querist) 27 November 2009

Dear Sir / madam

Please let me know, if there is any Income tax benefit on car loans for using it for a company by any employee? This car loan will be taken by employee with the supporting letter from company, that this car will be used for all official company work.

Please help me out

Thanks & Regards
Anil


Aditya Maheshwari (Expert) 27 November 2009

If the car is in employees name and used by him though wholly for officially purpose there is no benefit for him in Income Tax whether from dep or interest on car loan



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