mr a purchase a flat and mr b pays its installment
mr a is in the tax audit and filled its return but dont show any ledger with mr b
mr b yet to fill the return
question is what mr b should show in books for mr a for which he pays the installment
since mr a has not show any transaction for b
You say that Mr A is audited. so he must have shown flat and housing loan against that flat in balance sheet. How has he shoun payment of installments? through cash? (bec he has not shown a/c of Mr B)
If Mr B is your client, Mr B should show the correct position in own BS ,ie, he has given loan to Mr A by paying his loan installments. mr A could consider revising the returns.
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