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Deduction of interest on car loan

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34 Points Joined August 2021
how can we claim deduction for interest on car loan? deduction limit ?
a) in case of salaried person
b) in case of business person
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On 30 October 2021 at 15:58 Report
Replies (6)
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ca
603 Points Joined May 2013
You can't claim deduction of car loan if it's not an electric car, in case of salaried person.

In case of Business the car will be shown as an asset and interest will show as deduction in P&L account.
2 Reply
On 30 October 2021 at 17:20
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Chartered Accountant
24588 Points Joined November 2019
There is no deduction for interest on car loan
1 Reply
On 31 October 2021 at 06:01
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Accounts
528 Points Joined July 2010
CAN we claim ITC on car, if we used car on busniess (proprietorship)..
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On 31 October 2021 at 12:20
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Chartered Accountant
24588 Points Joined November 2019
Yes....
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On 31 October 2021 at 13:22
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CA
10436 Points Joined March 2019
Yeah...
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On 01 November 2021 at 21:11
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Chartered Accountant
24588 Points Joined November 2019
Yes you can claim
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On 02 November 2021 at 06:12

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