Is car loan principle or interest eligible 4 tax deduction?
This query is : Resolved
Zaffar Rameez Siddiqi
(Querist)
30 July 2016
I'm a government employee
I have been sanctioned car loan of 8 lakh rupees in July 2016.
How can I best save my income tax while filing returns for FY 16-17 next year??
Please help as my total income from salaries and other sources for FY 16-17 would be in 30% slab
Thank you
I have been sanctioned car loan of 8 lakh rupees in July 2016.
How can I best save my income tax while filing returns for FY 16-17 next year??
Please help as my total income from salaries and other sources for FY 16-17 would be in 30% slab
Thank you
CA Mohit Bansal
(Expert)
31 July 2016
No. Car loan interest is not admissible as deduction
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