Kindly Advise to me Sirs,
Car Loan Principal and Interest Paid is allowable expenses are not allowable expenses in Income tax act.
Thanks,
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Replies (6)
interest allowed, depriciation on full value of car is allowed. Principal not allowed.
If the car is a business or profession asset, then interest paid is allowable as expense. Principal amount is not eligible. If the car is personal asset then interest is also not allowable.
If purchased car & received rental income
Rental income taxable.Can claim depreciation.and to be treated as business income.
Venkata Vittal.P
Rental income taxable.Can claim depreciation.and to be treated as business income.
Venkata Vittal.P
Rental Income - Interest on Loan amount - Depreciation
Right
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