Dear Experts,
I am a self employed businessman involved in retail sale of automobile accessories.I have annual turnover of approx rs 1.4crores since past three financial years
1) i currently pay lifeinsurance policies premium rs 6lacs annually
2)ppf investment 1.5lacs
3) daughter sukanya samriddhi investment rs 1.5 lacs
4)i have a car loan for maruti brezza suv car taken in august 2019 principal outstanding rs 11lacs
My query is do self employed businessman get benefits for taking a car loan and the interest component and depreciation benefits can be availed in the above case or its simply a waste to pay interest on the car loan.Reason being,i am getting a good deal in a high end car worth rs 45 lacs whose emi outgo will be approx Rs 66,000,so is it worth buying.or will the interest outgo and depreciation benefits wont be of any use in my case.
CAclubindia
