FINANCE CHARGES

This query is : Resolved

RAMACHANDRAN (Querist)
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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)
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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.

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