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Home loan

Sumit Rajput (Article) (115 Points)

02 February 2016

Sir, I am filing return for an individual , he has taken a loan of Rs. 30 lakhs as home loan. whether I should show the home loan in balance sheet or not ?

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8 Replies

mohammad rasool baig (Management Consultant) (1026 Points)
Replied 02 February 2016

Yes you can.....

Sumit Rajput (Article) (115 Points)
Replied 02 February 2016

Sir, I can or I have to show, which one is correct ?

mohammad rasool baig (Management Consultant) (1026 Points)
Replied 03 February 2016

Actually While filling the individual for ITR -4 or ITR -6 we have to give the balance sheet then the issue will arise. In that case we should show it.

Otherwise we need not to give so no issue will arise regarding showing or not.

Shekhar (CA Final) (84 Points)
Replied 03 February 2016

If the loan is not for business purpose then no need to show it. But you can claim deduction.

Sumit Rajput (Article) (115 Points)
Replied 03 February 2016

But Shekgar Sir, Is there any provision or any case law through which we can prove your answer. Because I also believe that your answer is correct, but officer is not ready to believe the same. According to him, if you are filing a return for an individual, then also show his home loan also because you are not preparing separate balance sheets for business and individual.