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Interest on car loan deductiable??
Car is purchased & ownership documents are in the name of my father (ie owned by him) but the loan which is taken for this car will be repaid from my account under ECS system.. I have a query regarding whether I can enjoy the interest deduction benefit from my PGBP income (Can I save my tax on it?)? who will enjoy the depreciation benefit between us?
Thank you
Replies (4)
If the loan is on your name , then you can claim to be the owner ( beneficial owner ) and accordingly take interest and depreciation benefit. Otherwise no benefit to you.
Thank you for the reply.... that simply means my father will be allowed to take the both deductions (depreciation + interest on car loan) from his income?? right??
I am unaware whether your father will be able to claim or not.
ok..thank you. Raj
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