Hai All
I am getting income through rental only . I have purchased a car through loan can i get deduction for the interest paid and depreciation of car in the taxable income .
if yes under which section interest and depreciation is deducted.
CMA Poornima Madhava
(CMA)
(13097 Points)
Replied 21 October 2015
Deduction on account of interest on car loan and depreciation can be claimed only if such car is used for business/profession purpose. If not, then expense is of personal nature and hence no deduction.
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