What is the provision for loan against provison
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 March 2013
i was enjoying Cash Credit in my proprietorship concern, now the said cash credit converted into Loan Against Property.
so, what is the provision under Income Tax Act, regarding this matter.
the property is residential in the name of proprietor.
so, please help me about this matter.
Thanking you
so, what is the provision under Income Tax Act, regarding this matter.
the property is residential in the name of proprietor.
so, please help me about this matter.
Thanking you
03 March 2013
It is important to focus on the application of the borrowed money. The money, if, is still used in the business, interest will be allowed as a business expenditure.
.
In this case the bank has replaced the security from stock (+Book Debts), to the Property. so from IT point of view it hardly makes any difference.
.
Your case is of Mortgage Loan. However, care must be taken in case of term loans- in repaying the installments by keeping in view the provisions of Section 43B.
.
In this case the bank has replaced the security from stock (+Book Debts), to the Property. so from IT point of view it hardly makes any difference.
.
Your case is of Mortgage Loan. However, care must be taken in case of term loans- in repaying the installments by keeping in view the provisions of Section 43B.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN REDEVELOPED FLAT
- Requirement under FEMA &RBI
- CLOSING STOCK QUERY
- PF wage ceiling
- ITC BENEFIT ON BROKRAGE PAID
- TDS refund Indemnity Bond
- Taxation on Old jewellery sold
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- GST ISD Query on various AMCs
- REGARDING ITR FILING QUESTION
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
