Poonawalla fincorps
Poonawalla fincorps

Deduction of interest on car loan

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(Querist)
14 March 2016 One of my clients has purchased a car on loan and he is paying [ Principal Amount + Interest thereupon ] to the Car Agency. Shall I claim set-off of interest paid on car loan in IT Return of March 2016 ? Is it possible under certain section of income tax.

yrs tarique
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
14 March 2016 If your client is using his car for business purpose then he will take interest amount in P&L a/c as indirect expense.
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TARIQUE RIZVI

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TARIQUE RIZVI (Querist)
14 March 2016 Murtaza Bhai aa. I am tarique rizvi 9821630130 from Bombay. Tks for your quick reponse.,
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
16 March 2016 Welcome Sir....!!! anytime...!!!
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TARIQUE RIZVI

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TARIQUE RIZVI (Querist)
16 March 2016 murtaza bhai aa what is yr mobile number and email id . My mobile no. is 9821630130 and emai id is " tarique_rizvi@rediffmail.com

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