Car loan exemption

chaitu..... (Querist) 01 September 2012 This query is : Resolved
hello Sir, i'm planning to buy santro xing if we go for loan can we have the tax exemption, my father was filing ITR 4 frm the past 4 years because of we are having rent of rs.50k per month as cheque for commercial building, paying rs.21000 p.m for housing loan in sbi and we didn't have any business except some 4 acres of land.

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A V Vishal (Expert) 03 September 2012
You need tax planning, details insufficient. Exemption on interest on loan for purchase of car can be claimed as exemption only if you have business/profession and the vehicle has been used for the purpose of the same.

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