I am a salaried govt employee with an annual income of Rs. 5.50 lakhs.
Recently I have taken a loan of Rs. 7.50 from SBI for purchase of car at 10.45% for 7 years. EMI for repayment is Rs. 12730.
I am wondering how this will be going to affect my tax-liability in case I repay whole of the loan amount in the year to save more interest.
Ashok K Gupta