I have a car loan which attracts an interest of Rs 1.2 lacs per annum. I am the proprietor of a service organization...is this loan interest exempted from Tax ?
I have a car loan which attracts an interest of Rs 1.2 lacs per annum. I am the proprietor of a service organization...is this loan interest exempted from Tax ?
Basically we offer technical consultancy for IT companies, i use this mostly for meetings.
Yes it is included in the balance sheet. Thanks for the clarification
That is to be treated car used for official / business purpose and hence interest expense on loan will be allowed as a deduction
CAclubindia
