Riyaz (accountant) (310 Points)
27 October 2015Sir, If a person want to start income tax filing for the first time for getting Home Loan about 30 Lacs. Then how much Income tax he should pay and in which way he should maintain his Balance sheet & Profit & loss account. Some fillers show dummy (fake) Assests in balance sheet and show heavy fake turnover on P&L ac.
What should he do to get approx 30 Lacs Home Loan.
Thanks
CA Ragini
(CA)
(405 Points)
Replied 27 October 2015
What are the various sources of income of that person??
Riyaz
(accountant)
(310 Points)
Replied 27 October 2015
He is doing wholesale business of Footwear on maximum cash basis.
Ashok J
(CA Final)
(880 Points)
Replied 27 October 2015
Ruchi
(CA)
(1410 Points)
Replied 29 October 2015
Balance sheet and Profit & loss A/c are not as important for personal home loan as is the ITR filed for previous 3 years is. So, you should first consult your home loan disbursing agency as to what are the limits of income they generally expect for the required amount of home loan required by you. Then accoordingly you can file your return and pay taxes. There is no need to show fake assets in your balance sheet
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