Car Loan Repayment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 December 2010
If car loan is taken by a Salaried person how can he take the Repayment of loan while calculating his Income
And what will be the situation when the person is not salaried person and getting his income from business or profession
And what will be the situation when the person is not salaried person and getting his income from business or profession
18 December 2010
As a salaried employee- Car loan will not effect in Income or Deductions, no deduction available on repayment,
As a Business person, if car purchased in Business name & purpose- trear as Fixed asset and can claim Depreciation and other maintenance expenses
As a Business person, if car purchased in Business name & purpose- trear as Fixed asset and can claim Depreciation and other maintenance expenses
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Post Office RD Interest
- CG Tax On residential property
- Applicable TDS for Purchase of Flat from NRI
- Building and other construction workers welfare cess act 1996
- Eway bill for machinery reparing
- Bank Accounts in Balance Sheet for ITR 3
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Form 10BD Filling
- Annual return of gst limit
- Gift of mutual fund units to daughter
- ESIC- Employee Registration
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
