Interest on loan against property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 November 2011
A Consultant has taken loan against property.
He wants to set off the payment of interest paid on such loan against his professional receipts.
My question is can he claim such interest paid on loan.
One point is here that he is not showing property in the balance sheet.
Can he do so.
He wants to set off the payment of interest paid on such loan against his professional receipts.
My question is can he claim such interest paid on loan.
One point is here that he is not showing property in the balance sheet.
Can he do so.
Yogesh Agarwal
(Expert)
14 November 2011
The purpose of loan taken is not clear, if it is for the profesional purpose then it can be taken, it does not matter the property is not there in his balance sheet...
Message likes :
1 times
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Tax on Amount transferred in HUF Account
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
