Deduction Allowed or not for EMI?
This query is : Open
Jigar Rawal
(Querist)
08 April 2016
Any things purchased for eg. Vehicle, Electronic gadgets etc on EMI basis for residential as well as office use is any deduction allowable for that acc. to IT act ???
CMA Ramesh Krishnan
(Expert)
08 April 2016
Incase personal use, there is no deduction for the purchases mentioned in the query. if official use you can book the assets and claim the depreciation and interest in the business books
Jigar Rawal
(Querist)
08 April 2016
Thank u sir
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