Service tax /income tax/accounts

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This query is : Resolved

CMA Omkar.TIlve (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

CA Suraj Lakhotia

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.

CA Suraj Lakhotia

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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