Deduction of Interest on car loan
This query is : Resolved
08 February 2008
Respected members
A person running a business can claim interest on car loan as deduction of Interest on car loan from his Profit computed under Profit or Gain from Business or Profession
A person running a business can claim interest on car loan as deduction of Interest on car loan from his Profit computed under Profit or Gain from Business or Profession
08 February 2008
If the car is used wholly and exclusively for business purpose then he can claim deduction.
09 February 2008
Dear Sir
Regarding the above reply can you please provide me the relevant provision or case in the Income tax Act
Regarding the above reply can you please provide me the relevant provision or case in the Income tax Act
CA Hemant T Dewani
(Expert)
11 February 2008
interest on car loan is available if use in business u/s 36(iii) of the income tax act
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