If you are self employed businessman in India then there is a fantastico news for you. If you buy a car and take a loan for it then you can get tax deductions.
Deductions from your payable tax through a car loan that is taken by you as a businessman if you declare the profit or capital gains earned from your business. One more condition that you need to fulfill is that the vehicle that you purchase must be bought in the name of your business. If this is the case then you get exemption on the interest as well as depreciation of the vehicle.
If you fulfill these criteria then you can include the interest paid for your car loan as tax exemption.
Such claim can be claimed under sec 80c
So enjoy a drive in a new car and enjoy cruising through the city or going for long drives listening to peppy music.
What if you are a salaried person ? In such a case you can use your car as part of a car pool. Going by the adage that money saved is money earned you could save and indirectly earn some extra money. If you have a spare car you could rent it out as a private taxi or approach a company that could pay you some money to use the car as a moving advertising board with all kinds of ads. displayed on its surface. However advertisers generally pay you higher if you run the car more then a certain amount of kilometers a day on a daily,weekly or monthly basis as this way their adverts reach the maximum number of eye balls.
Another option is to contact your local taxi operator and let him use it as a private taxi. However tracking the usage of your vehicle can be an issue that you may have to contend with.
There is an option that you can convert your car into a taxi under a radio taxi aggregator this way through the use of installed GPS and the app provided by the taxi aggregator you can track your car in real time. You can earn a revenue from your car and from there is the possibility of earning an additional bonus that could be linked to the number of rides that your car covers in a day and the quality of service offered by your driver.This is a nice way to augment your income.
However the best use of your own car can be using it to spend some quality time with family and friends. Try going to a drive in theater if there is one in your city. Long drives,Picnics and family drives are a recipe to create memories of a lifetime. Ask someone who has not got a car as to home much he or she misses enjoying weddings and parties to the fullest. Either you have to schedule your return before the public transport stops plying or adjust your plans to suit someone who could drop you home safely. Having your own car gives you independence to go anywhere according to your schedule and convenience.
Apart form the money you would or could make the independence you get by traveling in your own car is priceless.