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REGARDING INTEREST

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Kamlesh Tolani

accountant

417 Points Posted on 27 April 2020

RESPECTED ALL MEMBERS
MENE EK VEHICLE LOAN PE PURCHASE KIYA HE MERE BROTHER KE NAME SE AB ME INTEREST AMOUNT BROTHER KE ACCOUNT SE PAYMENT KARTE HE SO DEDUCTION LE SAKTE HE. INTEREST KA
THANK U MEMBERS FOR REPLY.

Replies (3)

Quick Summary

This discussion clarifies whether salaried individuals can claim deductions for vehicle loan interest. Generally, EMI expenses are not deductible for salaried individuals. However, if the vehicle generates income, the interest paid on the loan can be claimed as a deduction against that income. Depreciation is also permissible if the vehicle is used for income-generating purposes.

PRAVIN AGRAWAL

PROPRIETOR

56 Points Posted on 27 April 2020

Dear sir,

For a salaried individual person, the EMI expense deduction cannot be claimed.

However, if you are earning any amount from vehicle, then you have to offer that income and then you can claim only interest amount which you are paying from your own.

If you are satisfied with the answers, kindly drop email to capravin87 @ gmail.com