As we know normally if an individual takes a car loan then no deduction is available for interest amount which was available generally in case of home loans .
But my husband is a doctor and he is getting his salary as professional fees so it is taxable under the head PGBP . So can u guys tell me if he wants to take a car loan then what deduction he gets for interest or depriciation.
Interest on loan and depreciation can be claimed as deduction from professional income to the extent the car is used for professional purpose. So u can arrive at a reasonable proportion for personal & professional usage and claim deduction accordingly.
No the car is wholly used for personal purpose only. So it means he cannot claim deduction for interest or for depriciation on car although his income is taxable under business head
Yeah, it depends on whether the usage is for professional/business or personal purposes. Any expenditure of personal nature cannot be claimed as deduction from professional/business income.
Hello
Yes personal expenses are not allowed as business expenditure ...
no deduction claim when car is used for personal use only
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