Payment car loan -deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 September 2013
SIRS,
I AM PAYING RS 4866 AS MONTHLY CAR LOAN INSTALMENTS.I AM A SELF EMPLOYED PROFESSIONAL .CAN I CLAIM DEDUCTION ON THE TOTAL EMI PAID BY ME PER ANNUM AS BUSINESS EXPENSES. AND UNDER WHICH SECTION.
THANKS IN ADVANCE
I AM PAYING RS 4866 AS MONTHLY CAR LOAN INSTALMENTS.I AM A SELF EMPLOYED PROFESSIONAL .CAN I CLAIM DEDUCTION ON THE TOTAL EMI PAID BY ME PER ANNUM AS BUSINESS EXPENSES. AND UNDER WHICH SECTION.
THANKS IN ADVANCE
CMA Ramesh Krishnan
(Expert)
05 September 2013
Incase car is used for business purpose then the only interest portion can be claimed under business expenses.
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