{"id":10339,"date":"2023-08-28T15:46:49","date_gmt":"2023-08-28T15:46:49","guid":{"rendered":"\/blog\/?p=10339"},"modified":"2024-03-19T15:58:12","modified_gmt":"2024-03-19T10:28:12","slug":"can-tax-exemption-be-claimed-on-two-wheeler-loans","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-vehicle\/can-tax-exemption-be-claimed-on-two-wheeler-loans\/","title":{"rendered":"Can tax exemption be claimed on two-wheeler loans?"},"content":{"rendered":"\n

India\nis the biggest market for two-wheelers in the world. Not only do bikes\nallow you to zip through city traffic, but you can also maneuver with ease on\nunmotorable rural roads. Most importantly, two-wheelers are extremely\nfuel-efficient and a highly affordable mode of transport for the average\nIndian.<\/p>\n\n\n\n

Despite\nits affordability, it is understandable that not everyone may have the\ndisposable cash to pay upfront for a two-wheeler. This is where a two wheeler\nloan makes it easy to fast track your dreams of cruising on the road.<\/p>\n\n\n\n

Availing of a two-wheeler loan<\/h2>\n\n\n\n

Getting\na bike loan is easy, and you can approach it in two ways. You can either\nopt for a direct two-wheeler loan from a financing agency or take a\npersonal loan and purchase a two-wheeler from the money you borrow. <\/p>\n\n\n\n

In the first case, the vehicle itself becomes the collateral for the loan. A personal loan, though, is unsecured and needs no collateral to be placed. The interest rate for either loan is usually about the same. It is hence recommended to check the interest rates and two wheeler loan eligibility\u00a0online<\/a> to select the option that is most affordable and suits you best.<\/p>\n\n\n\n

Additional Read: Advantages Of Availing A Two Wheeler Loan In India<\/a><\/p>\n\n\n\n

Availing of tax exemptions on the loan<\/h2>\n\n\n\n

Other\nthan the advantage of repaying the loan in instalments, you can also claim a\ntwo wheeler loan tax exemption. However, this exemption or tax benefit is only\navailable if you are using the two-wheeler for business purposes. You can\ndeclare the vehicle as a business asset; the interest paid towards the loan\nthen can be used as a deduction under Section 80C of the IT Act subject to a\nmaximum of Rs 1.5 lakh in a financial year.<\/p>\n\n\n\n

Do\nkeep in mind that the bike loan tax exemption is available only on the interest\ncomponent and not on the principal repayment. Also, as mentioned, the vehicle\nshould be used for business purposes and will have to be registered either in\nthe name of the business or the primary business owner\/freelancer to avail of\nthe tax exemption.<\/p>\n\n\n\n

Additional Read: <\/strong>Learn About Tax Benefits\non Loans In India<\/a><\/strong><\/p>\n\n\n\n

Additionally,\nyou can also claim the cost of fuel and maintenance as transportation cost\nincurred as a part of the operating costs of the business.<\/p>\n\n\n\n

In closing<\/h2>\n\n\n\n

Whether\nyou are looking to buy a 2-stroke moped or a 1200CC sports bike, you can get a\nloan for any type of two-wheeler easily with Tata Capital. Apply online\nfor a bike loan<\/a>, and on approval,\nthe amount will be disbursed quickly, sometimes within a couple of days too.\nWith Tata Capital, you can even look to choose the tenure you are most\ncomfortable with along with a suitable EMI plan.<\/p>\n\n\n\n

To reduce your tax liability, remember to furnish all loan documents, interest certificate and invoices when making a claim for a two wheeler loan tax exemption.<\/p>\n\n\n\n

Apply Now<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

India is the biggest market for two-wheelers in the world. Not only do bikes allow you to zip through city traffic, but you can also maneuver with ease on unmotorable rural roads. <\/p>\n

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