Business Desk, Web4Study, Delhi, Updated Mon, 06 Jul 2020 05:42 AM IST
ClearTax founder and CEO Archit Gupta said that if you want to claim tax exemption on a car loan, then it is necessary that it is used only in business. For example, you rent it, use it in a travel agency, or run a business yourself. Even if you are a professional, you can claim a tax rebate equal to the interest paid annually on a car loan. For this, the interest paid will have to be shown as the cost of business while filing the return.