31 July 2013
Sir, The housing loan is sanctioned by LIC on 5th March 2013, LIC has given the cheque of the loan amount in d name of MHADA to d assessee on 30th March, 2013. But, the assessee has deposited the same in the MHADA A/c maintained by Axis Bank on 2nd April, 2013. My Query is whether the loan should reflect in the Balance Sheet as on 31st March, 2013? and from when the deduction u/s 80C for principal repayment of housing loan and u/s 24 for interest on housing loan begins?
31 July 2013
Since the loan was given before 31st march, 2013 it should appear in the Balance Sheet of 2013 and the 80C should be claimed from A.Y 2014-15 as during AY 2013-14 nothing has been repaid
31 July 2013
Sir, But how to show it in the Balance Sheet.I mean we will credit the LIC Housing Loan A/c but which account should be debited? I am asking this beceause the amount was not deposited in the MHADA A/c in PY 2012-2013.
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