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.
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
- Opting our of sec 44AD
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Transporter Declaration form
- Copyright software
- Multiple trade mark
- Value of property in capital gain
- Regarding TDS Applicability For Director Remuneration
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- LC charges in relation to Asset purchased should be Capitalised ?
- Clarification on TDS Applicability
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
