FBT & INCOME TAX
This query is : Resolved
24 August 2007
impact of FBT on interest on car loan. does it fall within the scope of "Repair & Maintanence"
mr.X, a partnership firm engaged in the business of rice mill. during the financial year it rented out its mill (owing to loss).whether the rent income will be Income from other source oR Income from PGBP"
mr.X, a partnership firm engaged in the business of rice mill. during the financial year it rented out its mill (owing to loss).whether the rent income will be Income from other source oR Income from PGBP"
24 August 2007
yes interest in loan for motor car will fall under repair maintenance & running exp. & fall under FBT.
24 August 2007
His core business is rice , clearly rent will come under other income in my opinion.
25 August 2007
Mr Raj is incorrect in stating that the interest amount shall come under the FBT provisions. A close reading of sec 115WB(2)(H) would suggest that the interest due or paid on car loan is not liable to FBT.
I am totally not sure about the answer to ur second question but, irrespective of the different heads its taxability remains the same and hence there is no loss to the revenus and there would be no objection to anybody.
I am totally not sure about the answer to ur second question but, irrespective of the different heads its taxability remains the same and hence there is no loss to the revenus and there would be no objection to anybody.
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