is interest on car loans tax deductible

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Personal auto loans are never tax deductible unless you use your car for business purposes, and even then only a portion of your car loan interest is deductible. This portion is limited to the amount or percentage you use your vehicle in the course of conducting business, and not the total amount.

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Is Car Loan Interest Tax Deductible? – TurboTax Support – Car loan interest would be deductible if the vehicle was used for self employment, or in the service of an employer, but it is not deductible for personal use. Is the Interest I Paid on a Personal Loan Deductible.

What Does It Mean That Interest Payments Are Tax Deductible The tax deduction u/s 80E is available for a period of up to 8 years or until repayment of the entire loan amount, whichever is earlier. If you are into business or a profession and bought a car on.

. loan would charge a substantially higher interest rate that you’re paying on either auto loan. The interest paid on home equity loans is a legitimate tax deduction. That’s not the case with the.

Interest paid on personal loans, car loans, and credit cards is not tax deductible. Someone may be able to claim interest paid on taxes if they take out a loan or accrue credit card charges to.

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Student loan interest is tax-deductible. and you still get that student loan tax deduction. 2. Financing A Car I recently bought a car and opted to finance it with a car loan. It’s the first debt I.

Car loan interest is tax deductible for commercial loans When you take out car finance to purchase a vehicle for use in your business, the interest you pay on the loan is a business expense. This means that you can claim a tax deduction based on the proportion that business use makes up the total use of the vehicle.

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For example, if your income is Rs 10 lakh and you have paid interest on your Car Loan of Rs 25000, then you are liable to pay tax only on Rs 975,000 Besides getting a deduction on the interest you pay, you can also claim tax benefits on the depreciation of the car and other expenses such as fuel and maintenance if you use it for business purposes.