Bank Loan deduction
This query is : Resolved
Chaitanyaa
(Querist)
05 November 2023
An individual has applied for a Home loan from a Bank. He is a proprietorship in a firm. He has one existing car TL which is also showing in balance sheet of his prop firm. For computing deductions for the proposed home loan the deductions of EMI of existing car loan will be considered. But in Profit and loss account , only interest payment is there and principle payment is not there. So for deduction purpose whether principle portion of the loan needs to be deducted from the PAT of the firm.
Kindly guide sir.
Kindly guide sir.
CA R SEETHARAMAN
(Expert)
05 November 2023
Principle portion need not be deducted only depreciation has to charged to profit and loss account.
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