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Exmption of car loan

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 December 2013 i have professional income and i have taken 4.5 lcs car loan from bank so can i take any exmption on its principle and interest if yes so how much, pls tell in detail
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
11 December 2013 You are having professional income. You can claim the expenditure in respect of day to day running of the car for the purpose of your profession.
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You can claim Interest and Depreciation.
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If you really desire to plan, contact a CA.
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