Income tax/balance sheet

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kumaraswamy (Querist)
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27 November 2014 Hi,
we(Propritor firm)applied to bank for loan towrds godown construction in IDA place.
bank loan given as home loan so how treated this loan & how to take loan, interest in our books.
how we have to treat loan, interest and godown account in books , as per law.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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27 November 2014 loan should be shown in liabilities and increase bank account and when u pay gicve reverse of this.

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kumaraswamy

kumaraswamy (Querist)
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29 November 2014 Sampat ji, thanks to reply.
Can i show in B/sheet as liability, interest in p&l a/c, balances in proprietor firm.
Loan=in B/Sheet,
Interest= in PL a/c.,
loan repayment from firm to bank,
interest less from tax liability in ITR.

pls suggest me

kumaraswamy

kumaraswamy (Querist)
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29 November 2014 Can i show (Proprietor house loan)
loan liability in B/Sheet,
Interest in P& L a/c.,
Less interest ,repayment from TAX Liability while IT returns.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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01 December 2014 if loan is not used for prop business then no deduction will be allowed

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