Home Loan Deduction & accounting Impact in books
This query is : Resolved
18 October 2010
Please solve my Query
My relative is working as medical doctor in Hospital and he earned Salary in the year 2009-10.He buy one Home {Flat} and borrowed Home Loan and in form 16 take deduction.
Now from Oct.-09 in the middle of the financial year he started clinic in these residential house.
His total income for the F.Y.2009-10
1} Salary Income
2} Business Professional Income
Now in his Business Profession shall he take benefit on Interest on Home Loan and Principal? as mention in form 16 by employer
shall he take in his business as Fixed Assets in the F.Y.2009-10
Please guid and give impact in accounting entry.
My relative is working as medical doctor in Hospital and he earned Salary in the year 2009-10.He buy one Home {Flat} and borrowed Home Loan and in form 16 take deduction.
Now from Oct.-09 in the middle of the financial year he started clinic in these residential house.
His total income for the F.Y.2009-10
1} Salary Income
2} Business Professional Income
Now in his Business Profession shall he take benefit on Interest on Home Loan and Principal? as mention in form 16 by employer
shall he take in his business as Fixed Assets in the F.Y.2009-10
Please guid and give impact in accounting entry.
18 October 2010
he can take interest and principal home loan payment benefit.
20 October 2010
thanks
but i want to know about Whether House treated as his Fixed assets in Balance Sheet ??
As per Municipal corporation House treated as commerical purpose ??
can i debited exp.like House tax, & his monthly maintainance in income & Expenditure account.
dear sir
kindly advice how to treate this assets in balance sheet
but i want to know about Whether House treated as his Fixed assets in Balance Sheet ??
As per Municipal corporation House treated as commerical purpose ??
can i debited exp.like House tax, & his monthly maintainance in income & Expenditure account.
dear sir
kindly advice how to treate this assets in balance sheet
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- LIC maturity claim whether taxable
- Journal entry of busniess expenses
- GST Rate for Catering Services
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- The TDS balance for March 26 shows a mismatch between the books and the portal; what should be done
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
