HOME LOAN INTEREST
This query is : Resolved
UMASHANKAR M S
(Querist)
16 July 2010
Dear Experts
Home loan interest treated as expenses in my profit and loss account its correct or wrong plz guide me
Home loan interest treated as expenses in my profit and loss account its correct or wrong plz guide me
Aditya Maheshwari
(Expert)
16 July 2010
No it should be shown in ur capital and exemption be claimed in the computation of total income.
Message likes :
1 times
Aditya Maheshwari
(Expert)
16 July 2010
Even if is in the P & L A/c it will be disallowed from business income and added back and dedcution will be claimed from house property. So no use to claim any expense for the same.
16 July 2010
you can show it in your P/L Account. But for Income Tax Purpose the same will be disallowed from the Business Income and shall be Considered as Deduction while computing Income from House Property.
So be prepared for that or Better not take it P/L Account.
So be prepared for that or Better not take it P/L Account.
Message likes :
1 times
16 July 2010
For better presentation , it will shown it P& L a/c and add back in Business income at the time computation and claim in house property income.
Message likes :
1 times
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
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- MSME disclosure and disallowance
- Issuing of delivery challan by seller of goods
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- EPF ECR NEW RULES Sep 17th 2026
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
