Kindly Advise to me Sirs,
Car Loan Principal and Interest Paid is allowable expenses are not allowable expenses in Income tax act.
Thanks,
Rubul
(Student)
(151 Points)
Replied 11 February 2016
interest allowed, depriciation on full value of car is allowed. Principal not allowed.
Ruchi
(CA)
(1410 Points)
Replied 11 February 2016
If the car is a business or profession asset, then interest paid is allowable as expense. Principal amount is not eligible. If the car is personal asset then interest is also not allowable.
pvvittal
(partner)
(77 Points)
Replied 12 February 2016
pvvittal
(partner)
(77 Points)
Replied 12 February 2016
Amitesh Parab
(B.Com)
(2 Points)
Replied 13 February 2016
Rental Income - Interest on Loan amount - Depreciation
Right
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