Deduction of interest on car loan
This query is : Resolved
14 March 2016
One of my clients has purchased a car on loan and he is paying [ Principal Amount + Interest thereupon ] to the Car Agency. Shall I claim set-off of interest paid on car loan in IT Return of March 2016 ? Is it possible under certain section of income tax.
yrs tarique
yrs tarique
14 March 2016
If your client is using his car for business purpose then he will take interest amount in P&L a/c as indirect expense.
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14 March 2016
Murtaza Bhai aa. I am tarique rizvi 9821630130 from Bombay. Tks for your quick reponse.,
16 March 2016
Welcome Sir....!!! anytime...!!!
16 March 2016
murtaza bhai aa what is yr mobile number and email id . My mobile no. is 9821630130 and emai id is " tarique_rizvi@rediffmail.com
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