One of my client is travel agent. Its proprietorship business. He bought a new car in last FY through loan, now he has cleared the loan. Car is not used for business purpose.
1.My question is should i disclose new car in balance sheet? As, car is not used for business, what if i disclose car in Accounts?
2. Can i take interest paid on loan in P&l A/c?
Awaiting for your reply,
ASHEEQ ABUBAKER
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Car loan interest in income tax
Replies (2)
Not allowed
You get depreciation only on assets used for the purpose of business
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