Deduction of Interest on car loan

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


girish (Expert) 08 February 2008

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

ankitha (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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