Car loan interest
This query is : Resolved
24 April 2013
Sir
I am filing income tax returns regularly. My source of income is nominal rent income, bank interest income, bond interest income, equity stock capital gain income. There is no business income. I had taken car loan from State Bank of India for car purchased in my name. In EMI statement from bank there is clear bifurcation of loan repayment and interest element. Car is for my personal use.
1) Can I claim interest paid to bank as deduction from my income from other sources viz. interest income from securities? In my opinion interest paid to bank is interest on loan taken which can be claimed as expense against interest income from securities.
I am filing income tax returns regularly. My source of income is nominal rent income, bank interest income, bond interest income, equity stock capital gain income. There is no business income. I had taken car loan from State Bank of India for car purchased in my name. In EMI statement from bank there is clear bifurcation of loan repayment and interest element. Car is for my personal use.
1) Can I claim interest paid to bank as deduction from my income from other sources viz. interest income from securities? In my opinion interest paid to bank is interest on loan taken which can be claimed as expense against interest income from securities.
CA Vikas Acharya
(Expert)
24 April 2013
as per section 57
any other expenditure (not being in the nature of capital expenditure) laid out or expended wholly and exclusively for the purpose of making or earning such income.
this such word will not allow you to claim as that interest payment is not for earning your other source income
any other expenditure (not being in the nature of capital expenditure) laid out or expended wholly and exclusively for the purpose of making or earning such income.
this such word will not allow you to claim as that interest payment is not for earning your other source income
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