deduction availale for car loan

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53 Points Joined June 2012
I had query regarding if i buy a new car for personal purpose it to be made for loan. when i repay the loan and interest at the time it taken for deduction in IT return filling?
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On 20 September 2018 at 15:18 Report
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Types of interest not deductible include personal interest, such as: Interest paid on a loan to purchase a car for personal use. Credit card and installment interest incurred for personal expenses.
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On 20 September 2018 at 15:30
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Car Loan Interest Is Tax Deductible If It's A Business Vehicle. 

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On 20 September 2018 at 15:30
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53 Points Joined June 2012
ya its also like luxurious product not a essential thing.Thank u
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On 20 September 2018 at 15:33
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Welcome

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On 20 September 2018 at 15:36
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
Originally posted by : KARTHIKA V
I had query regarding if i buy a new car for personal purpose it to be made for loan. when i repay the loan and interest at the time it taken for deduction in IT return filling?

 

If Your car is booked in Your Business Balance Sheet then You can Claim Dep.

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On 20 September 2018 at 16:10
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Already mention its for personal use. If its shown in. Business than she can claim Dep and interest both.
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On 20 September 2018 at 16:33


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