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 ?
Menu
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
Recent Topics :
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
Related Topics :
CAclubindia
