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
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
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- TDS- 2026-27 Q1 Correction
- Import Order Cancelled.
- Intimation under section 245
- Capital Gains Tax on Inherited Mutual Fund
- IMS (import of goods) ITC related
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
