HOME LOAN INTEREST
This query is : Resolved
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
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
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
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
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
