Rakesh Mishra (accountant) (49 Points)
16 February 2015Whether the Vehicle Loan( Two Wheeler loan) taken from Bank, its instalment can be taken ffrom the point of tax saving purpose???
CA NIHAL JAIN
(CA In Practice)
(110 Points)
Replied 17 February 2015
Hello Rakesh,
No you can claim any vehicle loan repayment as a deduction.
Only Housing loan's Ineterst and Principal amount can be claimed as a deduction as per IT rules.
Arif Ali
(Apt Co Advisory)
(1230 Points)
Replied 17 February 2015
Hi Rakesh,
no, you cannot claim the repayment of loan as any deduction in income tax law. But if you have business, and this vehicle is used for business purpose, then you may claim interest amount as expense and will be accordingly considered for calculation of business income.
CAclubindia
