Whether Insurance on Car liable to FBT
This query is : Resolved
Ananthkrishnan
(Querist)
08 December 2007
Whether Insurance taken on car is liable for FBT? The car is purchased by the company on loan. I know that Interest on loan is liable for FBT but want to know whether insurance is also liable irrespective of whether car is purchased on loan or without loan??
CA. Vineet Grover
(Expert)
08 December 2007
Car insurance is subject to FBT u/s 115WB(2)(H) under the head Repair, Running and Maintenance of Motor Car
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