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Whether expenditure by way of interest on loans taken for purchase of cars is liable to FBT?

April 26, 2017cars expenditure fbt liable Loans purchase

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Whether expenditure by way of interest on loans taken for purchase of cars is liable to FBT?

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Interest on loans taken for purchase of cars falls within the scope of clause (H) of subsection (2) of section 115WB relating to repair, running and maintenance of motor cars. Accordingly, expenditure by way of interest on loans taken for purchase of cars is liable toFBT.