Poonawalla fincorps
Poonawalla fincorps

Income tax return

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Guest (Querist)
30 October 2013 I bought a Car costing Rs. 7 lacs through EMI of Loan taken from bank

I file every year ITR -4

then

Whether Principal amount and Interest amount on loan be deductible as expense or capitalised in P&L or BS

any other remedies ?????

Kindly guide me

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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
02 November 2013 what is your nature of income?
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03 November 2013 My income Comprises of
-Business Income (LIC agent commission)
-Other source Income

further the Car is not used in the business but if there is room for any benefit then we can show as per need

Thnaks
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
03 November 2013 No, no benefit {nor depreciation neither any expense} will be available as the car isn't the part of Business....

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