Whether FBT is payable on interest paid on car loan?
Whether FBT is payable on Interest on Car Loan
CA RAMESH KUMAR AHUJA (CA, DISA, LLB) (5452 Points)
25 September 2008
14 Replies
vaibhav
(Chartered Accountant)
(42 Points)
Replied 25 September 2008
yes FBT is payable on Interest on car loan
CA Shree Jain
(Chartered Accountant)
(1572 Points)
Replied 25 September 2008
agree for the same. FBT is applicable
CA Thomas Raju Paravada
(Chartered Accountant)
(570 Points)
Replied 25 September 2008
yes
FBT is payable
DHARMENDRA KAPOOR
(CA)
(183 Points)
Replied 25 September 2008
YES FBT is payable ....go thru CBDT GUIDELINES there s question on that
CA.Sanjay Chopra
(Job)
(42 Points)
Replied 25 September 2008
FBT is payable on interest on loan taken to purchase car paid or provided.
CA Ravish Trivedi
(The Possibilities are Infinite...)
(772 Points)
Replied 27 September 2008
yes it is liable to fbt
CA. O.P. Agarwalla
(C.A.)
(2916 Points)
Replied 29 September 2008
CBDT is of the opinion that Interest on Car Loan attract FBT. However, personally I amnot convinced that interest on CAR LOAN is not an expenses in the nature of Repair, running(including fuel), maintanance of MOTOR CAR.
R.K.Bajpai
(SERVICE)
(25 Points)
Replied 14 December 2008
Yes FBT applicable for Car Loan Intt. Pls go through CBDT guide line
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