Deduction of Interest on car loan

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ankitha (Querist)
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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

girish

girish (Expert)
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08 February 2008 If the car is used wholly and exclusively for business purpose then he can claim deduction.

ankitha

ankitha (Querist)
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09 February 2008 Dear Sir

Regarding the above reply can you please provide me the relevant provision or case in the Income tax Act

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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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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