22 August 2012
Sir, My client is a medical practitioner. He is liable to get his accounts audted u/s 44AB. He has taken housing loan from a private housing company. He has paid housing loan interest of Rs. 1,20,000 to such company. However such interest is not debited to P&L a/c. Such interest is debited to his capital a/c. Now question is whether such interest is liable to TDS? The issue here is also that whether tax is required to be deducted even though such interest is not debited in P&L a/c?
22 August 2012
Quite interesting..... PRIVATE housing company????? can you claim the interest under section 24... loss from house property? Well the answer is TDS needs to be deducted whether or not it is debited to profit and loss account.
CAclubindia
