Taxability of loan
This query is : Resolved
kaushal patel
(Querist)
04 February 2009
individual person receiving professional income.
suppose he take loan in the name his dependent parents.
such loan payment is done by his son from his account.
can his son claim interest and depreciation from his professional income or it can be claim by his parents
suppose he take loan in the name his dependent parents.
such loan payment is done by his son from his account.
can his son claim interest and depreciation from his professional income or it can be claim by his parents
CA. B.SRINIVASULU
(Expert)
04 February 2009
If the loan is in the name of the parent eventhough he is paying it, it cannto be claimed.
However what you shuld have done was when the parten has got the loan he should have issued a cheque to the son and a pronote has to be executed.
Then son can claim the amount which he pays to the father.
However what you shuld have done was when the parten has got the loan he should have issued a cheque to the son and a pronote has to be executed.
Then son can claim the amount which he pays to the father.
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