Income from salary
This query is : Resolved
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
Sandeep Garg
(Expert)
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.
Murtaza I Bhagat
(Expert)
13 April 2016
No deduction available for Interest exp by salaried employee. Business & Professional can take as business expenses.
Amol S Joglekar
(Expert)
13 April 2016
interest on vehicle loan is not deductible from the salary income.
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