Interest on Housing Loan
This query is : Resolved
25 March 2009
one of my client purchased residential flat on housing loan during F Y 2006-07, His interest on this loan is Rs 3,40,000/-. I had taken loss of Rs.1,50,000/- in his computaion of Income u/s 24.
I want to ask that can I add remaining interest amt i.e. Rs.1,90,000/- (340 - 150)in his cost of flat in balance sheet??
I want to ask that can I add remaining interest amt i.e. Rs.1,90,000/- (340 - 150)in his cost of flat in balance sheet??
CA. Aryendra
(Expert)
25 March 2009
Dear Khyati,
Dont confuse with Income Tax Act with the accounting of any matter, these are two seprate thing you cant capitalised any amount by saying that you could not claim in Income Tax Return.
You should charged to profit and loss account or you can deduct from capital under the balance sheet if you are preparation the balance sheet of an individual.
Dont confuse with Income Tax Act with the accounting of any matter, these are two seprate thing you cant capitalised any amount by saying that you could not claim in Income Tax Return.
You should charged to profit and loss account or you can deduct from capital under the balance sheet if you are preparation the balance sheet of an individual.
CA Nitin Wadhwani
(Expert)
25 March 2009
Amount of 3,40,000/- will be debited to Capital A/c.
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