Exemption under income tax act for car loan

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15 October 2013 Can car Loan be taken for exemption under income tax?

Sanket

Sanket (Expert)
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15 October 2013 In case you are a
professional or a business man declaring income
under the head profits or gains from business or
profession then the interest on car loan and
depreciation could be utilised. However, in case
you are a salaried individual then you would not
get any deduction on this account.

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