While housing loan interest is allowed to be deducted,the vehicle loan interest is not allowed to be deducted. What is the logic? more  

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I have taken a loan from a nationalized bank for the purchase of Maruthi omni van. The vehicle is given to a charitable trust for their daily use. The vehicle and the loan are in my name only.I am paying the EMI from my personal funds.I am not taking any rent for the vehicle from the trust. Can I claim any deduction? more  
If you have income from business and profession and vehicle is used for business , you can claim interest and depreciation, or you are renting vehicles, you can claim interest on such loans. more  
The interest on housing loan can be claimed but not interest on vehicle loan at present under any provision more  
Let us also remember that a house is considered to be an asset that is likely to appreciate, while a vehicle depreciates. So the lender is not totally exposed in case of a default when they lend for a housing loan. more  
Housing sector is considered as Priority Sector by GOI. Development of this sector fulfills basic needs of the citizens and also results in development of infrastructure. Hence Housing Loans are given exemption in IT. more  
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