Term Loan - Home Loan Interest

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Quick Summary
This discussion explores how to account for a proprietor's home loan interest for the financial year 2023-24. The core question is whether the Rs. 800,000 interest can be adjusted directly against the proprietor's capital account or if it's mandatory to show it in the Profit and Loss (P&L) account. The advice provided clarifies the correct accounting treatment for this specific scenario.

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(Querist)
15 May 2024 Dear Sir,

Please suggest Proprietor have 2types of Term Loan - Home Loan and Yearly Interest from Home Loan for FY 2023-24 Rs.800000/- So can we adjust Home Loan Interest with Proprietor,s Capital account. Or its mandatory to show under PNL account

Please suggest
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
15 May 2024 Yes, if it should be posted under proprietor's capital account.
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Amandeep Singh

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Amandeep Singh (Querist)
15 May 2024 Thank you Very Much Sir,
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
15 May 2024 You are welcome.
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