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Income tax exemption

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(Querist)
09 February 2014 Hi i have purchased a two wheeler and car in 2013 under loan..i just need to ask whether i can submit these documents for income tax exemption. Pls do let me know as im not aware of policy..
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
09 February 2014 For knowing the policy under the Income Tax Act , it is important for us to know about sources of your income.
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If you are having business income then only you would get benefits like interest and depreciation.
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In case of a salaried person, policy is silent and as such no exemption is granted.
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