Does a car loan reduce my income tax? – Quora – Well – if you buying car on finance, then there is no benefit on Interest. The maximum amount you can claim as interest deduction from your income for a.
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How to calculate total interest paid on a Car Loan: 15 Steps – · How to Calculate Total Interest Paid on a Car Loan. There are several components that are used to compute interest on your car loan. You need to know the principal amount owed, the term of the loan, and the interest rate. Most car loans.
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Tax Deduction for Interest paid on Car Loan – charteredclub.com – The Interest paid on some types of Loans is allowed to be claimed as an Expense under the Income Tax Act. However, all types of interests are not allowed to be claimed as an expense. The most common reasons for which people take loans are when they intent to buy a home or a car. It is fairly clear that the interest paid on home loan is allowed as a deduction in all cases.
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Car loans: Tax exemption on interest paid? – rediff.com – You had bought a spanking new car last year and are paying interest on it. While you get tax exemption on interest paid on your home loan you are not sure if you can avail of the same benefit on.