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Whether Insurance on Car liable to FBT

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(Querist)
08 December 2007 Whether Insurance taken on car is liable for FBT? The car is purchased by the company on loan. I know that Interest on loan is liable for FBT but want to know whether insurance is also liable irrespective of whether car is purchased on loan or without loan??
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CA. Vineet Grover

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CA. Vineet Grover (Expert)
08 December 2007 Car insurance is subject to FBT u/s 115WB(2)(H) under the head Repair, Running and Maintenance of Motor Car

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