Salaried person buy new car then any benefit avail for depre

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Querist : Anonymous

Querist : Anonymous (Querist)

03 September 2014 if salaried person buy new car then any benefit avail for depreciation and interest on car loan

CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
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03 September 2014
No, these expenses are not allowed to deduct from salary income.

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Querist : Anonymous

Querist : Anonymous (Querist)

04 September 2014 yes , but its deductable under any other income?

CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
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04 September 2014 It is deductible from income under the head 'Business & Profession' and income from 'Other Sources'

But one shall be able to prove / justify that these expenses are incurred to earn the said income (i.e. PGBP or Other sources)

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