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?
1 Answers
No income tax exemption is available on auto loans.
Exemption only available for home loans and education loans.
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.
@vikas in that case, either vehicle has to be in company's name or tax will be payable on installment deducted from your salary.
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