Two wheeler loan interest and principal repayment are allowable form income of insurance commission?
Is it allowable u/s 80c?
5 Replies
Vinay
(Articled Assistant)
(198 Points)
Replied 24 June 2011
Hi Joshi..,
Repayment of principal is just reduction in your liability u cannot claim it is deduction..,
only housing loan principal can be claimed u/s 80c.
But interest paid on loan can be adjusted agaist the insurance income..., provided that the asset must be used in connection with ur insurance agency business.
jaganathan
(accounts executive)
(272 Points)
Replied 24 June 2011
Not at all, You can not claim two wheeler loan principal u/s 80c
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 24 June 2011
| Originally posted by : jaganathan | ||
 |
Not at all, You can not claim two wheeler loan principal u/s 80c |
 |
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 24 June 2011
two wheeler loan interest and principle amount cannot allowable as deduction U/S 80C
Recent Topics
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
- I want to knw Hsn code and gst rate of resin produ
- Schedule FA clarification
- Income tax on freelance income from crypto
- ITC temporary reversal and reclaim
- Query on Transactions
Related Threads
CAclubindia
