Car Loan
This query is : Resolved
16 March 2009
Is a car loan tax deductible?
16 March 2009
No, However if you have purchased the CAR for Business purpose then you can show the outstanding Loan of Car as Liability under Secured Loan, The Interest on loan you have to capitalised and Show the Car in Bal. sheet at Gross Amount
17 March 2009
If its for business purpose, interest thereon is deductible.
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