for example I am purchasing a car rupees 35 lacs this expenses of purchasing in income tax can I claim deduction or exemption what to do how to disclosure this type of expenses in income tax
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Deduction/Exemption on Car Purchase
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If car is used for official purpose then it is eligible to claim depreciation.If depreciation is claimed then the same cannot be claimed as deduction.Dual benefit cannot be availed.
If car is used for personal purpose then it can be expensed off in profit & loss a/c.
If car is used for personal purpose then it can be expensed off in profit & loss a/c.
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