Tax rebate

I am a salary holder person. I want to purchase a two wheeler taking loan from a bank.Can I get tax rebate on loan interset and principle amount for financial year 2011-2012?

asked Mar 12 '11 at 09:05 by pranay 1111

No income tax exemption is available on auto loans.

Exemption only available for home loans and education loans.

answered Mar 14 '11 at 04:12 by pankaj 5.2k320

You may get the benefit if vehicle is purchased by company & issued to you and deduct the instalments from your salary. The benefit can be shown to you by the company as perqusit.
(Jul 11 '11 at 10:31) sakiv1089
@vikas in that case, either vehicle has to be in company's name or tax will be payable on installment deducted from your salary.
(Jul 12 '11 at 14:25) pankaj

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Asked: Mar 12 '11 at 09:05

Seen: 1,836 times

Last updated: Jul 12 '11 at 14:25