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Service tax /income tax/accounts

This query is : Resolved 
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(Querist)
12 February 2013 1.one of my client is starting a new HR consulting firm (HR sourcing - proprietory biz). Is it necessary to register for service tax number and will he be an input service distributor

2.same client has bought 2 computers on his friends credit card for the purpose of his business. how can this be shown in the accounts as assets of the his business

3.if three people take a loan to buy a house,will the deduction for interest paid towards house be 4,50,000.

Thanks in advance
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CA Suraj Lakhotia

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CA Suraj Lakhotia (Expert)
13 February 2013 Q.2 - You can show the amount as loan to friend and corresponding Asset as fixed Assets.

Debit Computers (Fixed Asset) and Credit Friends Loan Account.
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CA Suraj Lakhotia

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CA Suraj Lakhotia (Expert)
13 February 2013 Q.3 Each individual will get deduction of up to a limit of 1.5 lacs in case of self occupied property and without any limit in case of let out property.
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