Tax deductions for loans available for education, home and business vehicle financing under the Income Tax Act.
For motor vehicles used in business, interest on the vehicle loan and depreciation are deductible, with deductions linked to use in trade and cited under Section 80. Education loan relief permits an individual deduction for interest under Section 80C for specified repayment periods. Home loan relief allows principal repayment deduction under Section 80C for a completed self-occupied house and interest deduction for a second property, subject to construction-completion conditions that affect allowable interest relief. (AI Summary)