Deduction of car loan interest
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 July 2018
Dear Experts,
In proprietor ship firm proprietor has taken the car loan in his name however the EMI is being deducted from firm current account. Pls clarify whether interest paid on car loan is deductible in income tax or not,
Thanks
Abhinav
In proprietor ship firm proprietor has taken the car loan in his name however the EMI is being deducted from firm current account. Pls clarify whether interest paid on car loan is deductible in income tax or not,
Thanks
Abhinav
07 July 2018
As per my view.,
Yes You can show the interest in P and L account.
Yes You can show the interest in P and L account.
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