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This query is : Resolved
08 July 2011
Can a salaried person get benefits on interest paid on purchase of a car for his personal use. as though he is paying interest for loan.
08 July 2011
Absolutely no.
08 July 2011
income tax law does not allow the same as the salaried person exepenses consider as drawings
08 July 2011
Mr. Chakarpani is right and I agree with him. As regards why. In case of salaried persons there is no provision for allowing interest on car. There is provision for allowing interest on purchase of house. When there is no provision in the act itself then how you can claim the deduction.
09 July 2011
Personal expenses is an application of the income earned and not an expense to earn the income and ,therefore, disallowance attracts.
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