does personal loan help in getting tax deductions?

does personal loan help in getting tax deductions?
I am planning to take personal loan for a two wheeler. Will it help me in getting any tax rebate ?


Answers:

Niketha B:  NO
2006-07-30 23:30:11
Chosen Answer
Princess:  No. You can only get tax deductions if you take a home loan.
2006-07-30 23:31:24
apurav a:  As an individual assessee you can only get income tax deduction on housing loan. No you cant get rebate for taking loan for a two wheeler
2006-07-31 04:11:54
Lost in a Relationship:  No.
2006-07-31 10:15:02
extra_37:  No. Unless its for business use. (not commuting)
2006-07-31 11:54:58
Reddy:  If the personal loan is taken for the purpose business/profession purpose then you can claim the interest and also depreciation. For other purpose no deduction will be allowed. Reddy
2006-08-02 06:34:57