BusinessPhoto: NDTV BusinessTax Benefits on Cars Bought During Diwali: Personal vs Business Use
Buying a car during Diwali is a significant expense, but tax benefits depend on its use. Personal cars do not qualify for income tax deductions on purchase cost or loan interest. However, cars bought for business purposes may be eligible for depreciation benefits under income tax laws. For example, a business owner using the car for work can claim depreciation on the business-use portion before March 31.
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