Car Purchase
This query is : Resolved
26 December 2008
If we purchase the car what the expenses should be capitalized what are to be treated as allowable expenses from Income Tax point of view?
1. Car Basic Cost
2. Taxes on Basic cost of Car
3. RTO Exp
4. Insurance
5. AMC
6. Road Tax
7. Registration charges
8. File charges for loan sanction
9. interest on car loan
10. Octroi & taxes
11. VIP Number Charges
12. Accessories
If we purchase the car what the expenses should be capitalized what are to be treated as allowable expenses from Income Tax point of view?
1. Car Basic Cost
2. Taxes on Basic cost of Car
3. RTO Exp
4. Insurance
5. AMC
6. Road Tax
7. Registration charges
8. File charges for loan sanction
9. interest on car loan
10. Octroi & taxes
11. VIP Number Charges
12. Accessories
26 December 2008
All expenses except at S.No. 5,8 &9 are of capital nature.
26 December 2008
ALL OCST EXCEPT
AMC
LOAN SANCTION CHGS
INTEREST OF LOAN
AMC
LOAN SANCTION CHGS
INTEREST OF LOAN
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Stamp Paper for partnership firm change new income tax 2025
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Value of property in capital gain
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
