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
CMA Ramesh Krishnan
(Expert)
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
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