Deduction of interest on auto loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 April 2015
i've purchased a one car of rs. 10 lac and for that i've taken a a loan say 7 lac
and total interest on such loan say 1 lac .
i'm using this car partly for business purpose and partly for personal purpose.
now,my question is to what extent i'm eligible for deduction of interest on car loan from profit and loss account ?
and total interest on such loan say 1 lac .
i'm using this car partly for business purpose and partly for personal purpose.
now,my question is to what extent i'm eligible for deduction of interest on car loan from profit and loss account ?
15 April 2015
to the extent you are using for business proportion you can claim it as business exp for eg 70% is business and 30% is perosnal and then till 70% of actual int u take as deduction in p n l
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