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Home loan
Sir, I am filing return for an individual , he has taken a loan of Rs. 30 lakhs as home loan. whether I should show the home loan in balance sheet or not ?
Replies (8)
Yes you can.....
Sir, I can or I have to show, which one is correct ?
Actually While filling the individual for ITR -4 or ITR -6 we have to give the balance sheet then the issue will arise. In that case we should show it.
Otherwise we need not to give so no issue will arise regarding showing or not.
If the loan is not for business purpose then no need to show it. But you can claim deduction.
But Shekgar Sir, Is there any provision or any case law through which we can prove your answer. Because I also believe that your answer is correct, but officer is not ready to believe the same. According to him, if you are filing a return for an individual, then also show his home loan also because you are not preparing separate balance sheets for business and individual.
But Shekgar Sir, Is there any provision or any case law through which we can prove your answer. Because I also believe that your answer is correct, but officer is not ready to believe the same. According to him, if you are filing a return for an individual, then also show his home loan also because you are not preparing separate balance sheets for business and individual.
which return are you filing? ITR -1/ITR-4/ITR-6?
I am filing ITR - 4
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