Can i get benefit of car loan.

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Querist : Anonymous

Querist : Anonymous (Querist)

14 January 2016 Sir,

I am an sbi employee i want to submitted return for the fy 2014-15 , i want to know that i purchase a car in the Fy 2014-15 for which i am paying interest.Is any kind of deduction/rebate may i got while at the time of computation of salary details.

shivaji prasad bhimavarapu

shivaji prasad bhimavarapu (Expert)

14 January 2016 Interest on car loan cannot be deducted from salary income

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KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

14 January 2016 Salary person not eligible to claim interest other than housing loan,
Car is personal nature, Interest on personal & consumer goods not eligible for deduction.

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KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

14 January 2016 Salary person not eligible to claim interest other than housing loan,
Car is personal nature, Interest on personal & consumer goods not eligible for deduction.

Querist : Anonymous

Querist : Anonymous (Querist)

15 January 2016 I have also the fixed deposited is the interest will be shown in in the computation of salary .and how fixed deposited will be treated.I also have Over draft account i think it will not effect in the computation of salary.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

15 January 2016 Interest on FD is taxable, Income from other sources.

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Querist : Anonymous

Querist : Anonymous (Querist)

16 January 2016 sir can you please show how to calculate interest on fixed deposited per year,principal amount is Rs 250000 and interest is 7.85 term is for 4 year,i ve deposit it on may 2014.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

16 January 2016 you can ask bank interest Statement for Financial Year they only give.Interest getting Compounded. Same will be reflected in your 26As if they have deducted TDS other wise in 15 G/H.

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CA TSR

CA TSR (Expert)

16 January 2016 Mr SBI employee, if you run the car for hire without using for your personnel nature, then you can claim total interest paid on car loan as deduction. If you rental income on car is Rs. 100000 and Rent paid on Car loan is Rs. 195000 then you got loss of Rs. 95000 this amount can be set off against salary income. Loss from other source can be set off against income from salary income. Loss from income from other source can not be carry forward.

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