Income tax return
This query is : Resolved
Guest
Guest
(Querist)
30 October 2013
I bought a Car costing Rs. 7 lacs through EMI of Loan taken from bank
I file every year ITR -4
then
Whether Principal amount and Interest amount on loan be deductible as expense or capitalised in P&L or BS
any other remedies ?????
Kindly guide me
I file every year ITR -4
then
Whether Principal amount and Interest amount on loan be deductible as expense or capitalised in P&L or BS
any other remedies ?????
Kindly guide me
CMA Ramesh Krishnan
(Expert)
02 November 2013
what is your nature of income?
Guest
Guest
(Querist)
03 November 2013
My income Comprises of
-Business Income (LIC agent commission)
-Other source Income
further the Car is not used in the business but if there is room for any benefit then we can show as per need
Thnaks
-Business Income (LIC agent commission)
-Other source Income
further the Car is not used in the business but if there is room for any benefit then we can show as per need
Thnaks
CA Pallav Singhania
(Expert)
03 November 2013
No, no benefit {nor depreciation neither any expense} will be available as the car isn't the part of Business....
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