Housing loan interest exemption
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 August 2014
respected sir,
one of my clint is a retail trader and he obtained housing loan for self occupied property .and we claim exemption for housing loan interest and principle paid as per rules.
please explain whether we have to include self occupied house (which is used purely for residential purpose.)in to balance sheet submitting trough itr-4.
thanking you
one of my clint is a retail trader and he obtained housing loan for self occupied property .and we claim exemption for housing loan interest and principle paid as per rules.
please explain whether we have to include self occupied house (which is used purely for residential purpose.)in to balance sheet submitting trough itr-4.
thanking you
CA UMESH DULAL
(Expert)
20 August 2014
kept out of balance sheet
CA UMESH DULAL
(Expert)
20 August 2014
kept out of balance sheet
CA P K AGRAWAL
(Expert)
20 August 2014
Yes off course you should and get benefits
Nikhil Kaushik
(Expert)
20 August 2014
it is for you to decide.
Including it in P&L makes recording of all the incomes easier and complete.
Including it in P&L makes recording of all the incomes easier and complete.
CA UMESH DULAL
(Expert)
21 August 2014
Dear Nikhil Ji
This is a SOP so you neither get the benefit of revenue expenditure nor you get benefit of depreciation.(other than interest on H/L u/s 24 and Principle u/s 80C).
You can show it in BS but it makes your balance sheet complex and heavy. If you separate personal investments such as shares/mutual fund/house/jewelry from business , you can manage it properly and your taxation will be simple.
My suggestion- keep out of BS
This is a SOP so you neither get the benefit of revenue expenditure nor you get benefit of depreciation.(other than interest on H/L u/s 24 and Principle u/s 80C).
You can show it in BS but it makes your balance sheet complex and heavy. If you separate personal investments such as shares/mutual fund/house/jewelry from business , you can manage it properly and your taxation will be simple.
My suggestion- keep out of BS
Rupesh Jain
(Expert)
22 August 2014
it is personal assets then you take in personal B/s.
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