Income tax exemption
This query is : Resolved
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..
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.
.
If you are having business income then only you would get benefits like interest and depreciation.
.
In case of a salaried person, policy is silent and as such no exemption is granted.
.
.
If you are having business income then only you would get benefits like interest and depreciation.
.
In case of a salaried person, policy is silent and as such no exemption is granted.
.
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