01 March 2011
"There is an exemption for interest on housing loan. If the loan was taken before Apr 1, 1999 exemption is limited to Rs.30,000/- per year. If the loan was taken after Apr 1, 1999 exemption is limited to Rs.1,50,000/- per year if the house is self-occupied; there is no limit if the house is rented out. This exemption is available on accrual basis, which means if interest has accrued, you can claim exemption, irrespective of whether you've paid it or not. If the loan is taken jointly by two individuals both can claim this exemption"
02 March 2011
In case you are a professional or a business man declaring income under the head profits or gains from business or profession then the interest on car loan and depreciation could be utilised. However, in case you are a salaried individual then you would not get any deduction on this account Personal Loan interest is also not deductible from Income Tax
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