Income tax benefits on car loan
This query is : Resolved
Anil Chavan
(Querist)
27 November 2009
Dear Sir / madam
Please let me know, if there is any Income tax benefit on car loans for using it for a company by any employee? This car loan will be taken by employee with the supporting letter from company, that this car will be used for all official company work.
Please help me out
Thanks & Regards
Anil
Please let me know, if there is any Income tax benefit on car loans for using it for a company by any employee? This car loan will be taken by employee with the supporting letter from company, that this car will be used for all official company work.
Please help me out
Thanks & Regards
Anil
Aditya Maheshwari
(Expert)
27 November 2009
If the car is in employees name and used by him though wholly for officially purpose there is no benefit for him in Income Tax whether from dep or interest on car loan
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