House property
This query is : Resolved
21 November 2016
Hello,
Please Guide me for Following issue:
Issue :House Property Purchase in the Name of Wife & Loan on Such Property Sanctioned on the Name of Partnership Firm in Which Husband is Partner .
Question :
1 Can Interest on Loan paid allowable as Deduction u/s 24 of House Property to Partner ?
2 Can Loan Sanctioned in the name of Firm can be shown as unsecured loan given by firm to partner ?
Please Guide me for Following issue:
Issue :House Property Purchase in the Name of Wife & Loan on Such Property Sanctioned on the Name of Partnership Firm in Which Husband is Partner .
Question :
1 Can Interest on Loan paid allowable as Deduction u/s 24 of House Property to Partner ?
2 Can Loan Sanctioned in the name of Firm can be shown as unsecured loan given by firm to partner ?
21 November 2016
1. No, because partner is not the owner of property.
2, Yes for accounting purpose, but no benefit for partner in view of the above observation.
2, Yes for accounting purpose, but no benefit for partner in view of the above observation.
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