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
Menu
Car loan interest in income tax
Replies (2)
Not allowed
You get depreciation only on assets used for the purpose of business
Recent Topic
- Capital Gains set off on Sale of Land if held for
- ITR Form for income from freelance consultancy
- Gst rate for HSN code 28530010
- Health Insurance
- India GST Mobile App
- Reporting STCG on non equity oriented MF
- Section 54F exemption for buying a plot
- My client missed to file ITR 3 for AY 25-26
- Subscription/Membership fees
- Inverted tax gst refund
Related Topics
CAclubindia
