Car loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 March 2014
is car loan repayment amount (installment) deductible? if Yes, than under which Section of IT act? is insurance on this car is eligible for tax deduction?
Dintakurthi Tirumala
(Expert)
20 March 2014
If such car is using for the purpose of business use(to earn income) then interest on the loan shall be eligible for deductible expenditure and principle portion shall be decreases from the CAR Loan liability.
If car used for business purpose to earn taxable income then interest on such loan shall be deductible from such earned income.
OM SAI SRI SAI JAI JAI SAI
If car used for business purpose to earn taxable income then interest on such loan shall be deductible from such earned income.
OM SAI SRI SAI JAI JAI SAI
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