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Car Loan

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(Querist)
16 March 2009 Is a car loan tax deductible?
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CA.SHAHZAD SAYYED

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CA.SHAHZAD SAYYED (Expert)
16 March 2009 No, However if you have purchased the CAR for Business purpose then you can show the outstanding Loan of Car as Liability under Secured Loan, The Interest on loan you have to capitalised and Show the Car in Bal. sheet at Gross Amount
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
17 March 2009 If its for business purpose, interest thereon is deductible.
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