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Querist : Anonymous

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Querist : Anonymous (Querist)
27 October 2012 Hello Everyone,
I want to know about full journal entry of housing loan(taking loan, interest, payment thereof) in proprietorship. Is housing loan allowable in P & L of pro. concern?
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CA.Yogesh Patel

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CA.Yogesh Patel (Expert)
27 October 2012 H.P.A/c Dr.
To Seller A/c

Seller A/c Dr.
To Cash/Bank
To Housing Loan A/c.

For Interest:

Interest on Loan dr.
To Housing Laon

Housing Loan A/c Dr.
To Bank


Hosuing Loan Interest is not allowable under P&L a/c it should be charged to Capital A/c and dedution should be claimed under the House Property head and u/s 80C.
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Querist : Anonymous

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Querist : Anonymous (Querist)
29 October 2012 If property is used for personal & business purpose, then? Exactly what will be entry of repayment & interest?
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