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Deduction of Interest on car loan (Income Tax)

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This query is : Resolved

( Querist )
08 February 2008

Respected members

A person running a business can claim interest on car loan as deduction of Interest on car loan from his Profit computed under Profit or Gain from Business or Profession


( Expert )
08 February 2008

If the car is used wholly and exclusively for business purpose then he can claim deduction.


( Querist )
09 February 2008

Dear Sir

Regarding the above reply can you please provide me the relevant provision or case in the Income tax Act

CA Hemant T Dewani

( Expert )
11 February 2008

interest on car loan is available if use in business u/s 36(iii) of the income tax act



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