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Payments towards Instalment of Housing Loan & Ca

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(Querist)
23 February 2010 Wheather payments made towards instlments of Housing Loan & Car Loan are deductible from personal drawings of a proprietor of a firm. Please clarify ?
What exactly the nature of this expence is ?
Where to show the principal amount and
where to show interest amount?
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CA SIDHARTH HIRALAL PATNI

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CA SIDHARTH HIRALAL PATNI (Expert)
23 February 2010 Dear Raj

If u r using the car for business purpose then u can claim interest as expense and loan to liability side.

For home loan :- Interest and principle amount paid is to be deducted as drawings.
As it is proprietorship firm u can show House property on asset side and loan on liability side.
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