Depreciation on Car bought in the name of handicap brother

I want to know that if car is bought in the name of handicap brother and I am paying the car loan as a co applicant can I take benefit of interest insurance and depreciation in my ITR, pls guide

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Quick Summary
If you're a co-applicant on a car loan taken out for your disabled brother and are making the payments, you may be able to claim tax benefits. This includes deductions for the interest paid on the loan under Section 80C, provided the car is for his transport and you have medical certification. While depreciation typically belongs to the registered owner, you might claim it if you're the primary user and payer, with proper documentation. You can also claim insurance premiums paid under Section 80D. Ensure you retain all relevant documents, including loan statements, payment receipts, and medical certificates.

As a co-applicant paying the car loan, you can claim benefits in your Income Tax Return (ITR) under certain conditions. Here's a breakdown: 1. Interest on Car Loan: - You can claim the interest paid on the car loan as a deduction under Section 80C of the Income Tax Act, 1961. - However, the car must be used for the handicapped person's transportation, and you should obtain a certificate from the doctor or hospital mentioning the medical condition. 2. Depreciation: - As the car is registered in your handicapped brother's name, the depreciation benefit would primarily belong to him. - However, if you are the primary user and payer of the car loan, you can claim depreciation under Section 80C, but only if you have a valid reason and documentation to support your claim. 3. Insurance Premium: - If you are paying the insurance premium for the car, you can claim the premium amount as a deduction under Section 80D of the Income Tax Act, 1961. To claim these benefits, ensure you have the necessary documentation: - Car loan documents - Interest payment receipts - Depreciation calculation - Insurance premium payment receipts - Doctor's certificate or hospital certificate (for handicapped person's medical condition)

Thank you Sir for reply....

Yes we r having all the certificate

Can I mention all these Expenses in my Firm's books of accounts...

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