Vehicle purchased by taking loan
This query is : Resolved
Eswar Reddy S
(Querist)
16 June 2014
Hi all,
Our client has constructing a building.For the purpose of material supply ,he bought a lorry by taking a loan from bank.
Construction completed in the same year.
is it eligible for section 24 and 80c?
Nikhil Kaushik
(Expert)
17 June 2014
loan for lorry wont be covered under "house property or 80c
17 June 2014
on acquistion or construction of house property is eligible.
Rupesh Jain
(Expert)
20 June 2014
if he doing business then he can claim exp of lorry and intt and depreciation of lorry.
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