is auto loan interest deductible

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 · Other consumer finance interest is not tax deductible and has not been for several years. In addition, the repayment of principal has never been a tax deductible item for consumers. There aren’t very many loans that carry tax deductible status; but for.

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In a move to boost affordable housing segment Finance Minister Nirmala Sitharaman on Friday raised tax deduction limit to Rs 3.5 lakh on interest paid on housing loan sanctioned during this financial.

Tax Deduction for Interest paid on Car Loan – charteredclub.com – In such cases where the Car is being used for Business purposes, the interest paid on Car Loan is allowed to be treated as an expense which leads to lower taxable profits. This can be explained with the help of an example.

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Auto loans, payday loans, and bank personal loans aren’t tax-deductible, and even home equity lines of credit have seen their rules change recently. As a result, you generally won’t be able to deduct.

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Under the objective ‘Housing for all’, the government announced an additional interest deduction on repayment of home loans under certain conditions. Currently, the taxman allows deduction of up to Rs.

Your car loan interest may be tax deductible depending on if you use the vehicle for business purposes. See what the HMRC says.

"To answer your question directly, if the proceeds of your home equity loan are used to refinance your. a home equity line of credit on their home to buy a car, the interest is no longer tax.

and I am thinking of using the proceeds from a home equity loan to pay off my consumer debt. I am hoping that this maneuver means that I will keep the interest deduction because the debt is now on my.

NAGPUR: The budget has proposed to increase deduction on payment of interest towards home loans from rs2 lakh earlier to Rs3.5 lakh. This has been capped to loans taken for properties worth within.