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deduction availale for car loan
I had query regarding if i buy a new car for personal purpose it to be made for loan. when i repay the loan and interest at the time it taken for deduction in IT return filling?
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Types of interest not deductible include personal interest, such as: Interest paid on a loan to purchase a car for personal use. Credit card and installment interest incurred for personal expenses.
Car Loan Interest Is Tax Deductible If It's A Business Vehicle.
ya its also like luxurious product not a essential thing.Thank u
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| Originally posted by : KARTHIKA V | ||
 |
I had query regarding if i buy a new car for personal purpose it to be made for loan. when i repay the loan and interest at the time it taken for deduction in IT return filling? |  |
If Your car is booked in Your Business Balance Sheet then You can Claim Dep.
Already mention its for personal use. If its shown in. Business than she can claim Dep and interest both.
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