Uttam Saha (TAX PROFESSIONAL) 11 July 2018
In FY17-18 an individual has repaid five installments for Rs. 12,500/- each = Rs. 62,500/-. The outstanding balance in the loan account for Rs. 9,96,575/- has been taken over by another Bank Y from Bank X. The interest during this period charged to the account is Rs. 55,760/- plus penal interest for Rs. 18/-.
Further for the second loan taken from Bank Y, the individual has repaid four installment for Rs. 23,000/- each = Rs. 92,000/-, processing fees charged for Rs. 7,434/-, interest for Rs. 76,731/-, arrear interest capitalised Rs. 6/-
Under the circumstances are the below amounts considered as interest & principal repayment for FY 17-18 correct?
Interest = 55,760/-(Bank X) + 76,731/- (Bank Y) = Rs. 1,32,491/-
Principal = 10,03,297/-(Bank X: 62500-55760-18+996575) + 7,829(Bank Y: 92000-76731-6-7434)+7434 (Bank Y)=Rs.10,18,560/-