Deduction of interest on car loan

how can we claim deduction for interest on car loan? deduction limit ?
a) in case of salaried person
b) in case of business person
Replies (6)
Quick Summary
This discussion explores the deductibility of interest paid on car loans. For salaried individuals, deductions are generally only possible for electric vehicles. Business owners can claim interest as a deduction in their Profit & Loss account when the car is treated as a business asset. The possibility of claiming Input Tax Credit (ITC) on business-use cars, even for sole proprietorships, is also confirmed.

You can't claim deduction of car loan if it's not an electric car, in case of salaried person.

In case of Business the car will be shown as an asset and interest will show as deduction in P&L account.
There is no deduction for interest on car loan
CAN we claim ITC on car, if we used car on busniess (proprietorship)..
Yes....
Yeah...
Yes you can claim

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