Is interest on car loan of business exmept?
This query is : Resolved
04 January 2014
I have recently started a small business having 2 labourers and want to buy a car through loan stating my father's income. Did i get exemption on car loan even if my business is in loss nd my business is not registered yet?
04 January 2014
No since you are taking Loan in the name of father the car would be financed in the name of your father
so it would be treated as Interest is paid by your father
so you cannot claim the Interest
you can show that you are paying hiring charges to your father in the form of Interest and can take the deduction of Hiring charges
so it would be treated as Interest is paid by your father
so you cannot claim the Interest
you can show that you are paying hiring charges to your father in the form of Interest and can take the deduction of Hiring charges
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