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Can Income Tax Benefit Availed on Loan for Vehicle Taken on Loan from the Bankers?

Income Tax Personal Loan for Vehicle Loan

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  • anand
    Lv 4
    1 decade ago
    Favorite Answer

    YOur loan is taken for a personal use..so no Tax benefit...but theres is a twist...u can start up a company of rent ing cars...show this car purchased in that company...and u can claim all expenses there...at the end when u summarieze u carry forward ur losses from the car rent company and set it off from other income.....note u cannot setoff from salary income...could be done before but the IT authorities got samrter...hahaha...anyways...if your CAR is not over 15-20 lacs...dont think bout wasting ur time on this effort

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  • 1 decade ago

    No income tax benefit is allowed on vechile loan taken from bankers for individuals. However the businessmen can take the benfit by claiming depreciation on the car and interest on loan amount in their p&l account.

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  • 4 years ago

    It is true you do not own house but the loan if taken by you and invested in house construction and your father if permit, your share in house is created and this way you become the coowner and claim for housing loan deduction.

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  • Anonymous
    6 years ago

    It is possible to instanly obtain an advance payday loan up to $1000 by using this service: http://loans.servermatrix.org I acquired our payday loan although I have really poor credit rating.

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  • 1 decade ago

    Contact your tax consultant or your chartered accountact he will guide you properly.

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  • 1 decade ago

    No.

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