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New Delhi Feb. 24 In a bid to ensure that new car sales are not affected by the increase in interest rates, the Society of Indian Automobile Manufacturers (SIAM) has suggested that a deduction in income-tax similar to housing loan should be granted for car loans.

According to the association, this step will lead to a growth in the passenger car segment and will generate higher revenue to the Government in terms of excise duty and sales tax. Reasoning the parallel drawn with housing loans, Interest rates have hardened over the past few weeks. Analysts point out that the rising cost of debt would have an impact on new vehicle purchases. Currently, about 75 per cent of cars and 60 per cent of two-wheelers sold in the country are through loans.

More Stories on : Cars | Consumer Finance | Income Tax | Industry Associations

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