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 ?
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Car loan interest exempted ?
Replies (5)
Car is used for personal purpose?
Basically we offer technical consultancy for IT companies, i use this mostly for meetings.
Is it included in your balance sheet? Then you can claim deduction of interest. If it is not then you cannot.
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
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