FINANCE CHARGES

This query is : Resolved

RAMACHANDRAN (Querist)
Follow

01 July 2011 under hire purchase i had bought a motor car for my personal use.

can i claim the finance charges/ interest paid in my personal statement of income if so under what head/ section.

pl clarify

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

01 July 2011 Are you doling any business? If yes then if you can show the motor car for the purpose of business then yes you can claim the same as interest paid.

If you are not doing any business then no benefit can be taken. It has to be deducted from your capital as drawings. Not only this but running of motor case expenses, insurance are also of the same nature and treatment can be given in the like manner.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Akshay Jain

chandradhass sathish

Gurunathan kannan

Rakesh Bansal

yadagiri

Subscribe Now

FINANCE CHARGES

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

CA Final

GST CONSULTANT

GST CONSULTANCY

Manager- Finance and Compliance

Article Assistant