Tax savings on company Car
This query is : Resolved
29 July 2009
Hi,
Can I save Tax if car is in my company's name but i pay EMI through my salary and my EMI amount is dedected from my CTC?
Can I save Tax if car is in my company's name but i pay EMI through my salary and my EMI amount is dedected from my CTC?
CA SANJAY MUKHERJEE
(Expert)
26 September 2009
You are saving tax as emi paid is not part of your CTC. But as u r using the car
the running cost in the hand of the company would be added to your Salary,subject to some deductions,
if the Car is not used only for official duty.
Please check the valuation rules for perks for A.Y 2010-11
the running cost in the hand of the company would be added to your Salary,subject to some deductions,
if the Car is not used only for official duty.
Please check the valuation rules for perks for A.Y 2010-11
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