Deduction of interest on car loan interest amount

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Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2013 hi
I am a commission agent. my income is from this business. i have purchased a car in the firm and availed loan from the bank.

my question is that can i claim, the interest amount of car loan as, the expenses in business?

Rupesh Jain

Rupesh Jain (Expert)

29 May 2013 YES U CALIM EXP. OF CAR
BUT FOR THAT YOU HAVE TO MAINTAN CAR LOG BOOK
IN WHICH YOU HAVE TO RECORED CAR JOURNEY
PURPOSE AND KM ETC

FOR FUTURE INCOME TAX CASE PURPOSE

Pankaj Gupta

Pankaj Gupta (Expert)

29 May 2013 If the car is entirely used for business purpose than the entire expense is eligible. If it is partially used for business and profession than partial expense is eligible for deduction.

Pankaj Gupta

Pankaj Gupta (Expert)

29 May 2013 Dont file itr II, rather file itr 4.

Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2013 thank you all

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