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Deduction of car loan interest

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 July 2018 Dear Experts,
In proprietor ship firm proprietor has taken the car loan in his name however the EMI is being deducted from firm current account. Pls clarify whether interest paid on car loan is deductible in income tax or not,

Thanks
Abhinav
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RAJA P M

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RAJA P M (Expert)
07 July 2018 As per my view.,
Yes You can show the interest in P and L account.
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