Car Purchase
This query is : Resolved
Jayesh Jagetiya
(Querist)
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.
C A GROUP COACHING
(Expert)
26 December 2008
ALL OCST EXCEPT
AMC
LOAN SANCTION CHGS
INTEREST OF LOAN
AMC
LOAN SANCTION CHGS
INTEREST OF LOAN
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