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.
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 credit note by supplier
- Reward for festival
- 18% Rent a cab
- Movement of goods by packers and movers - type of sale - Reg.
- Missed uploading GST Invoice
- Closer of business and itc of capital goods
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- Gratuity paid to legal heir above 20 lakh is taxable or not
- TDS Return Statement Status
- Appointment of Auditor By Form ADT-1
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
