Kindly Advise to me Sirs,
Car Loan Principal and Interest Paid is allowable expenses are not allowable expenses in Income tax act.
Thanks,
Car loan
Replies (6)
interest allowed, depriciation on full value of car is allowed. Principal not allowed.
If the car is a business or profession asset, then interest paid is allowable as expense. Principal amount is not eligible. If the car is personal asset then interest is also not allowable.
If purchased car & received rental income
Rental income taxable.Can claim depreciation.and to be treated as business income.
Venkata Vittal.P
Rental income taxable.Can claim depreciation.and to be treated as business income.
Venkata Vittal.P
Rental Income - Interest on Loan amount - Depreciation
Right
Recent Topics :
- Bill-to-ship-to material at client site, project c
- Export previously now to be considered domestic sa
- Pan surrender via online
- EPFO Portal Issue – Unable to Save Employee
- Plant & Machinary
- ITC reversal after supplier amended the recipient
- GIFTS TO USEFUL CONTACTS ON FESTIVALS INCOME TAX
- INTEREST ON REFUND OF TDS
- Input tax claim related
- User not found in MCA portal
Related Topics :
CAclubindia
