hello friends
i am claim 147000 intrest deduction of home loan under 24b
in this case intrest amount where can i show in indirect expense or in capital ac
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home loan interest 24b
Replies (5)
where you want to show in financial or in ITR for deduction. write clearly
in financial accounts
if i am write intrest amount in indirect expense than its also deduct my net profit
and in itr i get deduction under 24b
so i think its double deduction
if i am write intrest amount in indirect expense than its also deduct my net profit
and in itr i get deduction under 24b
so i think its double deduction
The said deduction will be accountable in Capital Account
Dear Mitesh,
Taxation and Accounting both are different term.
in taxation only respective deduction is allowed shuld be taken into consideration.
Considering that any interest paid on housing loan from business it should be trated as indirect expenses and which reduce your net profit.
but it will no double deduction in ITR -3 if any other head of expenses or income that shuld be included in Net profit shuld be add in Schedule BP . So that much amount of income included in your income . and in Schedule HP you can claim deduction u/s 24b
this is my opinion , if any wrong contention is presented please clerify me.
dear siddhesh
you are right
but i file in presumptive income 44ad
so i think amount of intrest deduct in indirect expense before calculation of net profit is wrong
in presumptive case all deduction will be in capital ac
i am right ? please clarify
you are right
but i file in presumptive income 44ad
so i think amount of intrest deduct in indirect expense before calculation of net profit is wrong
in presumptive case all deduction will be in capital ac
i am right ? please clarify
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