Is interest paid on Car Loan Tax Deductible?

I am currently self employed and would like to purchase a passenger vehicle for general business use. For this purpose, I am planning to take loan from a government bank. Will the interest portion on the EMI paid be deductible from my income tax calculations? If yes, then what percent of the interest amount is... show more I am currently self employed and would like to purchase a passenger vehicle for general business use. For this purpose, I am planning to take loan from a government bank.

Will the interest portion on the EMI paid be deductible from my income tax calculations? If yes, then what percent of the interest amount is deducted from the income tax?

I have tried searching everywhere and could not find the answer to this question!
Update: I live in Calcutta, India
6 answers 6