Exemption in car loan

To claim depreciation you need to fulfill following criteria: 1. Asset should be owned by assessee 2. Asset should be used for business or profession 3. Asset should be used during financial year. If the above conditions are fulfiled depreciation can be claimed u/s 32 As you mentioned your car received registration on 26.11.2015 so using it before registration is not going to happen. so you will have to claim depreciation for half year (at half rate )only. Regarding your car loan from Tata Motor finance- You can claim it as business expenditure against your business income u/s 37 Regarding personal loan, in my opinion if you can prove that the same is utilised for business then only you should claim it as business expenditure. If your Net income from car business is more than 8% ( after claiming all expenses) you should declare it u/s 44AD. if it is less then 8% you will have to get your books audited. Hope your all query are solved.

Dear madam,

Where I can get U/S 24 in ITR 4S ?