can we have tax exemption when we buy a new car?

Question

Actually i am a software professional, that's y i am asking

Answer 1

The answer is no.. if you are using it just for your personal use. If you are using to for other uses (consulting, business, etc from which you can earn income or make a loss!!), you can claim exemption for the depreciation. Take help of a CA to guide you further on this.

Answer 2

What kind of Tax exemption do you want when purchasing a car?. There are no tax exemptions on the EMI you pay for the loan taken to buy a car. But some companies do have a policy in which you can avail tax exemption on the running cost incurred by you on your car.

Answer 3

How can u have if Your Business income person means u get Depreciation as a expenses that's it no tax exception when your buy a new car on its booked as expenses

Answer 4

only if you can write it off against income that your corporation (company) makes and that it is used for business.

all credit write offs, like for interest on cars and credit cards, went down the toilet at least 15 years ago.

the only way i write off my car is because i use it for business. therefore, i also take depreciation against it.

always discuss such matters with a tax professional.

Answer 5

you cant get a tax exemption but you can get depreciation at the time of filing you IT Return.

Answer 6

all the above answers appears to be from ammatures.... consult an accountant or ca who will guide you properly, u are bound to get benefits. some of your contacts must know either of them.

Answer 7

No as it is taken as luxury item and not necessity.
Tax exumption is possible only in case of housing loan.

Answer 8

I believe that you can get an exemtion if you buy a vehicle for your business, but for personal use.

Answer 9

no. there is no tax exemption