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[India] Why no tax exempt on car loan?

 
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or loans other than home like bike, personal etc.
 
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Because thats not necessity.Home is necessary.
 
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What a silly post
 
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When you have public transport system in place and full all the time then bike/car all are luxary items. Govt can not give tax benefit on luxary items.
 
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Originally posted by Dharmesh Chheda:
What a silly post



What a gutsy answer!

I am also surprised to see you not being warned by the moderators so far. They always come first when I make some comment... Oh my God! I can't stop laughing.
 
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Originally posted by Dharmesh Chheda:
What a silly post



Looks like you know everything in the world.
 
ankur rathi
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Originally posted by Arjunkumar Shastry:
Because thats not necessity.Home is necessary.



Okay so by that logic personal loan for self marriage or daughter�s marriage should be exempt� as they are as necessary as owning a house.
 
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Okay so by that logic personal loan for self marriage or daughter�s marriage should be exempt� as they are as necessary as owning a house



No, this wont contribute to the economy & development of the nation
[ March 02, 2007: Message edited by: Srinivasa Raghavan ]
 
ankur rathi
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Originally posted by Srinivasa Raghavan:


No, this wont contribute to the economy & development of the nation

[ March 02, 2007: Message edited by: Srinivasa Raghavan ]



Does not owning Cars or Bikes by each one show economical development of city or country? :roll:
 
R K Singh
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>>Okay so by that logic personal loan for self marriage or daughter�s marriage should be exempt
Your marriage does not give job to anyone.
You dont register your marriage so govt also dont get any money from your marriage.

Though marriages are good for micro economy but then its micro
You should save for your marraige, it would help govt and you both



Does not owning Cars or Bikes by each one show economical development of city or country? :roll:



developing eco: India, govt can not think of promoting car/bike(depreciation is high), when 60% people are just meeting their needs.
But govt can promote house(appreciation only).
Govt would give more loan for small scale industry than large scale industry.

Note one change in interest rate of banks now. They have increased the interest rates in just last 2-3 months.
It is alarming situation.
1) either economic is really doing good and they need more investment to promote growth.
2) OR economic growth is media myth but internally Govt needs money to retain this level(not to promote)

If second is true then time to sell your all shares. If first is true then time to buy all shares
 
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Thirty years ago all interest payments were tax-deductable. Then we went through a period of high inflation, and interest rates went way up to reflect inflation. If I put $100 in the bank, at the end of the year I would have $115 that would buy pretty much the same as the original $100 would have the year before, but now I have to pay taxes on $15 to various levels of government. The government didn't mind that at all until people stopped saving money and began living on credit. Instead of spending $100, they'd borrow $100, pay $15 in interest which offset their taxable income, and then pay back $100 the next year in money that was easier to come by and not worth as much. These new habits portended economic disaster, as it would drain the capital available for investment, and would reduce the taxes available to the government.

(You might ask, "Wouldn't the ultimate recipient of the interest payment have to declare it for taxes?" The answer is no, because the money lent might be provided by pension funds, which compound their investment income without paying taxes until the money is finally paid out decades later.")

So the government made a number of changes. First, it committed to keeping inflation under control. Second, it removed the tax deduction from consumer interest payments. (Unfortunately, much of the damage was permanent, as many people have retained the habit of living on credit. But maybe it kept the problem from growing to an intolerable degree.)

The government kept the tax deduction from home mortgage payments because eliminating it would have been too large and sudden a disruption to the system. (Tens of millions of people would suddenly become unable to make the payments on their homes, nor would they find buyers for anything like the prices at which the houses were bought -- so the number of bankruptsies would have been massive. Also, the government wants to encourage home ownership in the belief that people who own nonmovable property tend to be more public-spirited citizens -- as they have more to lose from bad local government.)

That is why interest payments on home loans are tax deductable, but not other payments of interest.
 
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